Brief guide to government help for businesses during Coronavirus


At Funding Xchange our main focus is on helping to make the Coronavirus Business Interruption Loan Scheme (CBILS) as simple and accessible as possible for small businesses.

Government support for small businesses also includes a range of other measures. Here’s a simple summary to help make sure you haven’t missed any. Details for all schemes are available from the government support website.

 

£10,000 grants for small businesses

Available to businesses who have a property on which you pay rates, and who get Small Business Rate Relief or Rural Rate Relief. It’s managed via local authorities. You don’t need to do anything to get it, they will contact you.

 

Deferring VAT payments

If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to defer the payment until a later date. You still need to submit your returns, but don’t have to tell HMRC you’re deferring your payment.

 

Claim back Statutory Sick Pay

Open to business of less than 250 employees, you can get a refund to cover up to two weeks’ Statutory Sick Pay per employee off work because of coronavirus. For periods of sickness starting on or after 13 March 2020, it covers employees who have covid-19 or cannot work because they are self-isolating at home.

 

Special grants for retail, hospitality and leisure

The Retail and Hospitality Grant Scheme offers a cash grant per property of £10,000 or £25,000. If your rateable value is less than £15,000, you get the £10,000. If your rateable value is between £15,000 and £51,000, you get £25,000.

 

Rates holiday for retail, hospitality and leisure

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year. This means shops, cafes, bars, cinema, gyms, hotels and more. You do not need to take any action. Your local council will apply the discount automatically.

 

Support for self-employed

You can use Self Employed Income Support Scheme if you’re self-employed or a member of a partnership in the UK and have lost income due to coronavirus. You can claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month. It will be available for 3 months, but may be extended. HMRC will aim to contact you by mid May 2020, and will make payments by early June 2020.

If you’d like to see what funding solutions you may be eligible for today, please click on the button, below.