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Finance Support
Updated 1 April 2021
We have received the government guidance for the Restart Grants and are currently working on a process to administer these grants, along with a third wave of ARG funding.
We plan to open applications for the Restart Grants on 12 April, and the ARG on 26 April and will share further guidance on the application process for each of these schemes over the next couple of weeks.
As with previous rounds of ARG we are expecting to be oversubscribed and will prioritise applications for businesses who have received no funding to date. We will share further guidance on this prioritisation ahead of the scheme opening for applications.
We appreciate your patience and are working to get the funding out as fast as possible to support you through reopening.
You can check if you're eligible for the Restart Grant here, and to find other coronavirus financial support click here.
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
The new Recovery Loan scheme will provide further support to protect businesses and jobs. Loans will include 80% government guarantee and interest rate cap. The government has backed £75 billion of loans to date as part of unprecedented £350 billion wider support package. The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
Find out more on GOV.UK website
Government announces £20 million SME Brexit Support Fund
The £20 million SME Brexit Support Fund will help small businesses with changes to trade rules with the EU.
Traders will be able to apply for a grant of up to £2,000 to pay for practical support for importing and exporting.
The fund will help businesses prepare for the implementation of import controls which come into force from April and July.
Find out more on GOV.UK website
Self-employment Income Support Scheme
Updated 29 January 2021
Claims for the third grant have now closed. The last date for making a claim for the third grant was 29 January 2021. Details about the fourth grant will be announced on 3 March 2021.
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 8 February 2021
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.
A repayment holiday of up to 6 months is now possible once at any point during the term of a Bounce Back Loan.
Find out more on GOV.UK website
Pay VAT deferred due to coronavirus (COVID-19)
If you deferred VAT payments due 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
- join the VAT deferral new payment scheme – the online service is open between 23 February and 21 June 2021
- contact HMRC on Telephone: 0800 024 1222 by 30 June if you need extra help to pay
You may be charged interest or a penalty if you do not:
- pay the deferred VAT in full by 31 March 2021
- opt into the new payment scheme by 21 June 2021
- agree extra help to pay with HMRC by 30 June 2021
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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