Find out about financial support that is available during the coronavirus crisis, including the Coronavirus Business Interruption Loans Scheme, sick pay for employees and other grants you may be eligible for.
Guidance is available on a new Discretionary Business Grant aimed at small businesses who were not eligible for the Small Business Grant Fund or the Retail, Leisure and Hospitality Fund. Local Authorities can distribute grants of any amount up to £25,000 to more businesses that did not previously qualify.
Bounce Back Loans
Small firms are to get access to 100% taxpayer-backed loans after raising concerns about slow access to existing coronavirus rescue schemes. The new Bounce Back Loans scheme will allow businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months. Businesses can apply online through a short and simple form.
Small Business Grant Funding
The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
Business Interruption Loan Scheme (CBILS)
Updated 17 April: The 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.
Job Retention Scheme
This is now live! Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19).
Self-Employment Income Support Scheme (SEISS)
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) 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.
Sick Pay support for employees affected by COVID-19
SME employers can now 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.
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.
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.
Cash Grant for Retail, Hospitality and Leisure
If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property.
Prince's Trust Enterprise Relief Fund
Grants and one-to-one support is available to 18-30-year-olds who are self-employed or running a business and struggling to cope with the effects of the coronavirus crisis.
You will find details of grants and funding sources available primarily for voluntary & community sector organisations, including charities and social enterprises.
New Innovate UK Grant
Grants of up to £50,000 will be available to technology and research-focussed businesses to develop new ways of working and help build resilience in industries such as delivery services, food manufacturing, retail and transport, as well as support people at home in circumstances like those during the coronavirus outbreak.