Find out about financial support that is available during the coronavirus crisis, including local grants, the Coronavirus Business Interruption Loans Scheme, sick pay for employees and other funding you may be eligible for.
Expanded Job Support Scheme
The Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions.
The government will pay two thirds of employees’ salaries to protect jobs over the coming months.
Job Support Scheme
The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce. The scheme will open on 1 November 2020 and run for 6 months.
Leicestershire Business Recovery Fund
Support for county based businesses (including tourism, agriculture and creative industries) and independent retail businesses, to enable them to overcome the impacts they may have faced or are still facing, as a result of COVID-19.
Grants are available between £2,000 and £10,000 (excluding VAT). The scheme will provide 50% grant support.
Local Authority Grant Funding
The Government provided additional funding for Local Authorities (LA) to support small businesses. Find out what is available.
Self-Employment Income Support Scheme (SEISS)
The Self-employment Income Support Scheme (SEISS) supports self-employed individuals whose income has been negatively impacted by COVID-19. The grant will be subject to Income Tax and National Insurance contributions but does not need to be repaid.
THIS SCHEME HAS BEEN EXTENDED:
The extension will provide two grants and will last for six months from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
Bounce Back Loans
The Bounce Back Loans scheme allows businesses to borrow between £2,000 and £50,000 and access the cash within days.
Updated 25/9/20: Businesses who took out a Bounce Back Loan will be given the option to repay their loan over a period of up to ten years through a new Pay as You Grow flexible repayment system. Interest-only periods of up to six months and payment holidays will also be available to businesses.
The scheme currently runs to 30 November 2020.
Job Retention Scheme
From 1 September, the government will pay 70% of wages up to a maximum cap of £2,187.50 for the hours the employee is on furlough. Employers will top up employees’ wages to ensure they receive 80% (up to £2,500). From October the Government pays 60% of wages for non-working time when employees return to work part time, up to a cap of £1,875. Employers pay 20% of wages to make up 80% up to a cap of £2,500. On 31 October 2020 this scheme will end.
Job Retention Bonus
This is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021. Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021. Employers will be able to claim after they have filed PAYE for January and payments will be made to employers from February 2021. More detail coming by the end of September.
Sick Pay support for employees affected by COVID-19
SME employers can apply to recover the costs of paying coronavirus-related Statutory Sick Pay (SSP) payments they have made to their employees. Claims can be made through an online service.
Business 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 2020-21 tax year.
Business Interruption Loan Schemes
Coronavirus Business Interruption Loan Schemes are designed to support UK businesses that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 outbreak.
Here you will find details for both small (less than £45 million turnover) and large businesses.
CBILS has been extended to 30 November 2020 and lenders will be given the ability to extend the length of loans from a maximum of six years to ten years.
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
Updated 25/9/20: Application deadline has been extended to 30 November 2020.
Covid Corporate Financing Facility (CCFF)
This facility is designed to support liquidity among larger firms, helping them to bridge coronavirus disruption to their cash flows through the purchase of short-term debt.
Grants if you complete customs declarations
If your business completes customs declarations you might be able to apply to get funding for recruitment, training and IT improvements.
Street Cafe Furnishings Grant – Leicester City
Eligible independent restaurants and cafes in Leicester City can apply for grants of up to £4,000, to purchase appropriate furniture and outdoor goods to support their business.
Dairy Response Fund
With some dairy farmers facing financial difficulties and excess milk due to the coronavirus outbreak, the new fund will provide up to £10,000 each to help those dairy farmers most in need of support to sustain their business. Applications deadline is midnight Friday 11 September 2020.
Finance and support for international trading
Financial support from UK Export Finance (UKEF), the UK’s Export Credit Agency. Plus where to find your local Export Finance Manager.