Funding and support measures 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.
Support finder is a new tool to help you find coronavirus financial support for your business. You may be eligible for loans, tax relief and cash grants. The support finder will help you to see what support is available for you and your business. Find Coronavirus financial support for your business.
Funding and support measures
Coronavirus job retention scheme - all UK employers will be able to access support to continue paying part of their employees’ salaries for those employees that would otherwise have been laid off during the crisis, allowing employers to claim a grant of up to 80% of the salary for all employment costs, up to a cap of £2,500 per month. The scheme has been extended to October 2020.
Statutory Sick Pay relief package for Small and Medium sized Enterprises - Eligible businesses can claim a grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next three months.
Support for self-employed Eligible self-employed people facing financial difficulties will be able to have 80% of their monthly wages covered by the Government.
Universal Credit - Self-employed people who may be ineligible for other government support during the coronavirus outbreak may wish to consider applying for Universal Credit.
HMRC - 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. A dedicated helpline to help businesses and self-employed is on hand to help. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
Ban on evictions for commercial tenants - Commercial tenants who cannot pay their rent because of coronavirus will be protected from eviction. Under the measures, no business will be forced out of their premises if they miss a payment in the next three months.
Pubs and restaurants will be able to operate as takeaways - pubs, restaurants and bars will be able to alter their mode of operation and trade as hot food takeaways without making a change of use planning application.
Culture at Risk - A business support fund to help grassroots music and LGBTQ+ venues, creative workspaces and independent cinemas by boosting existing industry support and hardship funds.
Small and Medium sized Enterprise (SME) businesses will be able to apply for the new 'Bounce Back Loans' for 25% of their turnover, up to a maximum of £50,000, with the government paying the interest for the first 12 months. The scheme opens from 9am on Monday 4th May and loans should arrive within 24 hours of approval.
The British Business Bank has launched the Business Interruption Loan Scheme. For details see the British Business Bank website.
Support for larger firms via the COVID-19 Corporate Financing Facility
The COVID-19 Corporate Financing Facility provides support for larger firms. Under the scheme, the Bank of England will buy short-term debt from larger companies.
Coronavirus business closures and restrictions
The Government has published guidance about the businesses and premises that must close. Businesses that do not follow the rules will be subject to prohibition notices, and fixed penalties. There is also information if you’re staying open for business: safe working guidance.