Financial Support for Businesses
There are a number of grants, loans, and deferral options that the government has launched that are there to support business through the pandemic.
Business Support Finder – Use this tool to see what financial support may be available to your business.
Bounce Back Loan Scheme – This scheme provides upto £50,000 worth of finance. The scheme has been extended until 31 March 2021.
Coronavirus Business Interruption Loan Scheme – If you have a turnover of under £45m, you may be able to apply for loans of up to £5m. The scheme has been extended until 31 March 2021.
Coronavirus Large Business Interruption Loan Scheme – Companies with a turnover of more than £45m may be able to apply for loans of up to £500m. This Scheme has been extended until 31 March 2021.
Corporate Financing Facility – This scheme will support your company if it’s been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities, by the Bank of England buying up your short-term debt.
Corporate Insolvency and Governance Bill – This Bill introduces new corporate restructuring tools to the insolvency and restructuring regime to give companies the breathing space and tools required to maximise their chance of survival
HMRC Late Payment Support – HMRC are helping companies that are struggling to pay their tax bills.
Job Retention Scheme – Provides government wage support to help keep your employees while work is reduced due to the pandemic. Ensure that you are up-to-date with your historic claims. This scheme has been extended until 30 April 2021.
Self Employment Income Support Scheme – For any labour only sub-contractors you have that are unable to work, they can claim funds through this scheme due to their ineligibility to the Job Retention Scheme.
Statutory Sick Pay Rebate Scheme – to claim back your liabilities under SSP payments during the pandemic.
Trade Credit Reinsurance Scheme – The Trade Credit Reinsurance Scheme ensures that trade credit insurance coverage and credit limits are maintained during the coronavirus pandemic, helping businesses to trade with confidence.
VAT Deferral – Instead of paying the full amount by the end of March 2021, you can make up to 11 smaller monthly instalments, interest free. All instalments must be paid by the end of March 2022. This scheme will be opt-in, and will open shortly in 2021.