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Finance Support
Updated 5 January 2021
Businesses in the retail, hospitality and leisure sectors are to receive a one off lockdown grant, announced on 5 January by the Chancellor, Rishi Sunak
- One off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring
- A £594 million discretionary fund has also been made available to support other impacted businesses
Please note: We are still waiting for Government guidance about how to distribute this new funding. We expect to receive this information shortly and will share details as soon as we can after this.
Find out more on the Invest Plymouth Business Grants page.
Summary of existing economic support available
GOV.UK have published a summary of the existing economic support available, including: UK wide support for jobs, support for businesses, support through Plan for Jobs for the unemployed, for low income families and for local authorities.
Find out more on GOV.UK website
Grants for Plymouth businesses impacted by coronavirus restrictions (November 2020 Lockdown)
Updated 30 November 2020
The Local Restrictions Support Grant (LRSG) scheme is available to support businesses that have been legally required to close during the November lockdown due to coronavirus and occupy a rateable property.
The Additional Restrictions Grant (ARG) to support local businesses that have been most impacted by the current national coronavirus restrictions.
Find out more on the November Lockdown Business Grants page
Self-employment Income Support Scheme
Updateed 29 November 2020
If you're self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
To make a claim for the third grant your business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which you reasonably believe will have a significant reduction in your profits.
The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
The online service to claim the third grant is open. Make your claim from the date we give you either by email, letter or within the service. If you’re eligible, you must make your claim for the third grant on or before 29 January 2021.
There will be a fourth grant covering February 2021 to April 2021. We will set out further details, including the level of the fourth grant in due course.
Find out more on GOV.UK website
Apply for the Coronavirus Large Business Interruption Loan Scheme
Updated 18 December 2020
The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.
The government guarantees 80% of the finance to the lender.
The scheme is open to applications until 31 March 2021.
Find out more on GOV.UK website
Apply for a coronavirus Bounce Back Loan
Updated 18 December 2020
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
The scheme is open to applications until 31 March 2021.
If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount. You must request the top-up by 31 March 2021.
Find out more on GOV.UK website
Pay VAT deferred due to coronavirus (COVID-19)
Find out how to pay VAT payments deferred between 20 March and 30 June 2020. You can pay now or get ready to opt in to the VAT deferral new payment scheme.
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:
- pay the deferred VAT in full on or before 31 March 2021
- opt in to the VAT deferral new payment scheme when it launches in 2021
- contact HMRC if you need more help to pay
See more on GOV.UK website.
Coronavirus (COVID-19) support is available to employers and the self-employed. You may be eligible for loans, tax relief and cash grants.
Use this business support finder to see what support is available for you and your business.
Find out more on GOV.UK website
Financial support for businesses during coronavirus
Find out what financial support you can get for your business.
This website helps businesses find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.
Some aspects of business support are devolved.
Find out more on GOV.UK website
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