What Government Support is Available for UK Businesses During Coronavirus?

What Government Support is Available for UK Businesses During Coronavirus?

We would like to share with you the most comprehensive guide on the available support for the British businesses during Coronavirus by CompanyDebt.com

Here is the list of what’s covered:

  • What government support is available and where to get it
    • For SME’s losing revenue due to COVID-19, the government backed Business Interupption Loan Scheme offers loans, asset based finance and invoice finance.
    • For larger companies, the COVID Financing Facility aims at supporting liquidity in larger firms by allowing companies to sell short term debt to the government in the form of commercial paper.
    • Interest free deferred VAT payments due to coronavirus-  for UK businesses unable to pay VAT during this period of coronavirus there is an option to defer payments. There will be no interest or penalties on deferred VAT.
    • The Coronavirus Job Retention Scheme allows employers to get support to pay employees wages.
    • There is an option to obtain HMRC Time to Pay Arrangements which are structured payment plans for debt repayment over an an agreed time period.
  • Emergency loans from your bank
  • Refunds for Statutory Sick Pay (SSP) Payments
    • The government’s updated Statutory Sick Pay Rebate Scheme aims to support businesses by repaying employers who have outlaid statutory sick pay due to Coronavirus.
  • 100% Business Rates relief for certain sectors
    • The government is offering a business rates holiday to all businesses in eligible sectors like for instance retail, hospitality, leisure or childcare. No business rates will be charged for this year 2020/21
  • Grants for Small Businesses
    • Income support for self-employed – Initially set for a period of 3 months, you’ll be able claim a grant of 80% of your trading profits, up to a maximum of £2500 per month.
    • Government offers cash grants for the retail, hospitality and leisure sectors- the amount of grant available will depend upon the rateable value of the premises they inhabit, but will not be more than £25,000
  • Protection for renters and landlords
    • Commercial tenants who can’t pay their rent are protected from eviction, as per the latest government guidelines.

For more in depth information please check Company Debt website here.

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