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.
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. For details see Coronavirus job retention scheme.
Job retention bonus
This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees.
To be eligible, employees will need to:
- earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January
- have been furloughed by you at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
- have been continuously employed by you up until at least 31 January 2021.
Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31 January has been received. More information about this scheme will be available by 31 July and full guidance will be published in the Autumn.
For further details on the Coronavirus Job Retention Scheme including key dates and the retention bonus, visit the Coronavirus job retention scheme Gov.uk page.
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. For details see Support for self-employed.
Self-employed people who may be ineligible for other government support during the coronavirus outbreak may wish to consider applying for Universal Credit.
The British Business Bank has launched the Business Interruption Loan Scheme. For details see the British Business Bank website.
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.
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.
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.
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.