Financial support for businesses – what’s available
Financial support for businesses – what’s available
Build UK has produced this handy summary of the various emergency schemes that the government has produced to date to help businesses survive the Covid-19 pandemic.
| SCHEME | ELIGIBILITY | SUMMARY |
| Coronavirus Job Retention Scheme | All UK employers | Employees that you can no longer afford to pay will be designated ‘furloughed workers’ Claim 80% of their wage costs up to a cap of £2,500 per month. A new online portal will be established. |
| Statutory Sick Pay (SSP) reclaim | Employers with fewer than 250 employees on 28 February 2020 | Claim back up to two weeks SSP per employee who is absent due to Covid-19. Maintain records of absence. No GP fit note required. Repayment mechanism not yet in place. Commences as soon as the legislation is in place. |
| VAT deferral for three months | All UK businesses | VAT payments will not need to be made between 20 March and 30 June 2020. Continue to account for VAT on eligible goods & services. Deferred VAT will be due by April 2021. No penalites or interest will be charged. Vat refunds will paid as normal. No application required to benefit from deferral. |
| Time to Pay – Tax Service | Businesses that pay tax to the UK government and cannot pay a current tax bill | Arranged on a case by case basis for current or imminent tax payments. Call HMRC on 0800 0159 559 |
| Income Tax deferral | Self-employed workers | Income Tax self-assessment payments due on 31 July 2020 will be deferred until 31 January 2021 |
| Business rates holiday | Retail, hospitality and leisure sector businesses in England | No action required. Will be applied to Council Tax bill in April 2020 (your bill may have to be reissued).Calculate the value of this benefit |
| Cash grant | Retail, hospitality and leisure sector businesses in England | No action required. Local authorities will notify businesses. Available for each different property dependant on rateable value: • Rateable value under £15,000 eligible for £10,000 • Rateable value between £15,001- £51,000 eligible for £25,000 |
| Small Business Grant Scheme | Small businesses that occupy property and receive Small Business Rate Relief (SBBR), Rural Rate Relieve (RRR), or Tapered Relief in England | No action required. Local authorities will contact businesses. One-off grant of £10,000. Scheme not yet in place |
| Coronavirus Business Interruption Loan (CBIL) | UK businesses with a turnover of less than £45 million per year which meet British Business Bank eligibility criteria | Available from 23 March. Loans of up to £5 million, 12 months interest free. Apply through your current bank or an accredited lender. |
| Covid-19 Corporate Financing Facility | All UK businesses | Available from 23 March. Purchase Commercial Paper (CP) during a defined period each business day. Businesses do not have to have previously issued CP. Available from the Bank of England |
| MoT Suspension | Businesses using heavy goods vehicles (HGVs) and public service vehicles (PSVs) | Available as of 21 March 2020 Annual MOTs suspended for three months for all HGVs and PSVs Vehicles to be issued with a certificate of temporary exemption (CTE) Find out more from the DVSA |
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