Government financial support for businesses
The Government has set up a Coronavirus Business Support Hub. The hub brings together key information for businesses including on funding and support, business closures, your responsibilities as an employer and managing your business during coronavirus.
The hub also includes information for self-employed people and sole traders. Find out what financial support schemes you may be eligible for. Also included are details about the recovery plan.
Use the business support finder to see what support is available for you and your business
Government backed support for business
GOV.UK has information about support for businesses, including:
- The Coronavirus Job Retention Scheme - Claim for some of your employee’s wages if you have put them on furlough or flexible furlough because of coronavirus (COVID-19).
- Job Retention Bonus - Find out if you’re eligible to claim the Job Retention Bonus and what you need to do to claim it. You will be able to claim it between 15 February 2021 and 31 March 2021.
- Paying sick pay - for employees (statutory sick pay relief package for SMEs)
- Self-Employment Income Support Scheme - If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
- Deferring VAT payments - You can get help to defer VAT for 3 months and Income Tax payments. There is also a delay in IR35 rules until April 2021.
- Deferring income tax payments due through Self Assessment - Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year.
- Apply for more time to file your company's accounts with Companies House
- What to do if you can't pay your tax bill on time
- Support for larger firms through the COVID-19 Corporate Financing Facility - Under the scheme, the Bank of England will buy short-term debt from larger companies.
- Protecting high street businesses from aggressive rent collection and closure
Loans and Grants
You may be able to apply for a loan or grant through the:
- Bounce Back Loans scheme - Government-backed loans of £2,000 to £50,000 for small and medium businesses, interest free for 12 months
- Coronavirus Business Interruption Loan Scheme - The British Business Bank has launched the Business Interruption Loan Scheme. For details see the British Business Bank website.
- COVID-19 Corporate Financing Facility - Help for large businesses through the purchase of their short-term debt (GOV.UK)
- Government Future Fund
- Musicians' Union Coronavirus Hardship Fund
- Innovate UK - Funding opportunities to test ideas and develop innovative products and services
- National Lottery Community Fund - For organisations supporting people and communities affected by COVID-19
Pay it Forward for the future of London businesses
The Mayor of London is offering 100% free fundraising to help businesses to secure trade by pre-selling vouchers, goods and services. Find out more about the crowdfunding platform.