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Finance Support
COVID-19 Business Support Infographic
We have produced a guide to COVID-19 business support, covering government support measures, who is eligible for support and the available schemes.
Click here or the thumbnail below to view the full infographic. You can click the infographic to zoom in.
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.
*Plymouth’s businesses are now be able to apply for financial support to help get them through the current uncertainties created by the COVID-19 pandemic.
Plymouth City Council is writing to all businesses eligible to receive grants so they can urgently access financial help as soon as possible – with the ambition of making most payments within the next two weeks.
Find out more on the Invest Plymouth Business Grants page.
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
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
The Government has announced a new Self-employment Income Support Scheme, which will provide self-employed people facing financial difficulties with 80% of their average monthly income, up to a maximum of £2,500. The size of the grant will be calculated using the average profits from tax returns in 2016-17, 2017-18 and 2018-19.
The scheme will initially last for three months, offering the same level of support for furloughed workers.
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
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 mor 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
Public safety is the government’s top priority in its response to COVID-19 and it is taking firm and comprehensive action, consistent with the best scientific evidence.
As well as being focused on safety and the public health response to the outbreak, the government recognises that people will be concerned about the effect it will have on their livelihood, and business will be concerned about reduced demand, potential disruptions to supply chains and export markets, and to their workforce during this temporary period.
The Budget announces a £12 billion plan to provide support for public services, individuals and businesses, whose finances are affected by COVID-19. This includes a £5 billion COVID-19 response fund to ensure the NHS and other public services receive the funding they need to respond to the outbreak as the situation develops, and recover and return to normal afterwards.
For individuals it includes extending Statutory Sick Pay (SSP) for those advised to self-isolate, and those caring for others who self-isolate, and support through the welfare system for those who cannot claim SSP, as well as a hardship fund.
Finally, the government will support businesses that experience increased costs or disruptions to their cashflow. This includes expanded Business Rates reliefs, a Coronavirus Business Interruption Loan Scheme to support up to a further £1 billion lending to SMEs, a £2.2 billion grant scheme for small businesses, and a dedicated helpline for those who need a deferral period on their tax liabilities.
The measures set out in the Budget to support health and other public services, protect people and families and support businesses will be reflected in the public finances at Autumn Budget 2020.
Read the full report on the GOV.UK website.
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