We have produced a guide to COVID-19 business support, covering government support measures, who is eligible for support and the available schemes.
Central Government has announced several measures to support businesses suffering due to coronavirus. All up to date information can be found on the Government website.
- The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
- All retail, hospitality and leisure businesses will not pay business rates for 2020/21. You will receive an amended bill confirming this in due course.
- Any childcare providers who are registered on the Ofsted Early Years Register will not pay business rates for 2020/21. You will receive an amended bill confirming this in due course.
- Any business currently in receipt of Small Business Rate Relief will be eligible for a £10,000 grant.*
- Any retail, hospitality or leisure business in receipt of Expanded Retail Discount with a rateable value of less than £51,000 will be eligible for a grant per property based on eligibility criteria below*:
- Any retail, hospitality or leisure business with a rateable value of £15,000 or below will be eligible for a £10,000 grant.
- Any retail, hospitality or leisure business with a rateable value above £15,000 and below £51,000 will be eligible for a £25,000 grant.
*These grants will be closing on 28 August.
Find out more on the Invest Plymouth Business Grants page.
Growth Support Kickstart Grant scheme
The Growth Support Kickstart Grant scheme aims to help businesses to recover from the effects of the coronavirus pandemic. There is additional funding within the grant to help small businesses in tourism related sectors to adapt their business as part of a Kickstarting Tourism package announced by Government for businesses in tourist destinations.
Grant funding of between £1,000 and £3,000 will be available to eligible businesses.
Find out more on Heart of SW Growth Hub website.
Apply for a coronavirus Bounce Back Loan
On 27 April 2020, the Government announced the Bounce Back Loan Scheme which will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there won't be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
Find out more on GOV.UK website
Small business support schemes: Small Business Leadership Programme and Peer Networks
The Small Business Leadership Programme and Peer Network scheme aim to enhance resilience and recovery from the impact of COVID-19, and enable SMEs to develop their potential for future growth and productivity.
Small Business Leadership Programme
The Small Business Leadership Programme is a fully-funded programme delivered by a consortium of leading university business schools. You will develop strategic leadership skills, and the confidence to make informed decisions that boost business performance. The curriculum explores leadership, innovation, employee engagement, operational efficiency, marketing, sustainable practices, and finance.
Peer Networks
Peer Networks brings together diverse cohorts of business leaders so you can discuss your business challenges with your peers. Delivered through a series of high impact group sessions, you will gain and reflect on valuable feedback from your peers and identify practical solutions to overcome them. From finance and HR to sales and marketing, our expert facilitators will give you the flexibility to create a trusted support network, helping to build and strengthen your business and improve its overall performance.
Find out more on GOV.UK website
Extended Coronavirus Business Interruption Loan Scheme (CBILS)
The Government has extended the CBILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The government will continue to cover the first twelve months of interest and fees.
Find out more on Business Support website
Coronavirus Large Business Interruption Loan
The Government has announced it will increase the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million from 28 May 2020.
Find out more on GOV.UK website
Self-employment Income Support Scheme
Self-employed individuals and those in business partnerships can from today (Monday 17 August) claim a second grant under the government’s Self Employed Income Support Scheme (SEISS).
Eligible claimants must have been adversely affected by the coronavirus pandemic on or after 14 July, and must lodge their claim by or on 19 October. The grant is capped at £6,570 and will be regarded as income for tax, national insurance and benefits purposes.
Find out 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
VAT Deferral
Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 have been implemented to help businesses manage their cash flow.
- The government is deferring VAT payments for the next quarter. That means businesses will not pay any VAT from now through to the end of June.
- Businesses will have until the end of the financial year to pay back any deferred taxes. This is to help support businesses with their cash flows, and support individuals’ employment.
- Over a million businesses of different size and sector are expected to benefit. This is an automatic offer with no applications required.
Find out more on the VAT Deferral page.
See more on GOV.UK website.
Business rates revaluation postponed
A revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of coronavirus, Communities Secretary Rt Hon Robert Jenrick MP has announced.
Legislation had been introduced to bring the next revaluation forward by one year from 2022 to 2021, but following the recent economic impacts of the coronavirus pandemic ministers want to ensure businesses have more certainty during this difficult time.
See more on GOV.UK website
HM Government Financial Business Support
A full range of business support measures have been made available to UK businesses and employees.
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. For business support outside of England go to Scotland, Wales and Northern Ireland.
Find out more on HM Government Business Support website
Job Retention Bonus
Further details of how jobs will be protected through the government’s new Job Retention Bonus were unveiled by HMRC.
- employers can claim the bonus for all eligible employees who have been furloughed
- it comes as employers set to start contributing to the furlough scheme as staff return to work and the economy reopens
The bonus – announced by Chancellor Rishi Sunak as part of his Plan for Jobs last month – will see businesses receive a one-off payment of £1,000 for every previously furloughed employee if they are still employed at the end of January next year.
The scheme is designed to continue to support jobs through the UK’s economic recovery from coronavirus by encouraging and helping employers to retain as many employees who’ve been on furlough as possible.
Find out more on the GOV.UK website
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