The Government Can Help You Through This
We know that the government is offering to support employees who need to be furloughed during the COVID-19 lockdown, covering 80% of their monthly salary up to £2,500. But is there any other financial help available to small businesses?
The answer is yes! Here are some other ways the government may be able to help your business.
- VAT deferral for 3 months (until 30th June 2020)
- Second self-assessment payments due by 31st July can now be deferred until January 2021
- The SEISS scheme enables self-employed individuals to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months
- Time to Pay service offers individuals or businesses with outstanding tax liabilities support – judged on a case by case basis - call 0800 024 1222 for further information
- Protection from eviction for commercial tenants up until 30th June
- SSP rebate scheme can pay employers 2 weeks’ worth of SSP which they have paid employees/former employees from 13th March – Find out if you are eligible here https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19
- Business rates holiday for retail, hospitality and leisure businesses (automatically enforced by your local authority)
- Retail and Hospitality Grant Scheme offers a cash grant of £25,000 to retail, hospitality and leisure businesses with a rateable value between £15,000 and £51,000 – Contact your local authority for more information and eligibility queries - https://www.gov.uk/find-local-council
- Retail and Hospitality Grant Scheme offers a cash grant of £10,000 to retail, hospitality and leisure businesses with a rateable value up to £15,000 – Contact your local authority for more information and eligibility queries - https://www.gov.uk/find-local-council
- Small Business Grant Scheme of £10,000 on off payment for businesses that pay little to no business rates because of small business rate relief, rural rate relief and tapered relief - Contact your local authority for more information and eligibility queries - https://www.gov.uk/find-local-council
- Coronavirus Business Interruption Loan Scheme offers SMEs with the chance to access to up to £5million worth of loans, overdrafts, invoice finance and asset finance. The scheme will pay your first 12 months’ interest on such loans and will offer 80% guarantee to your chosen lender to help you secure the loan. You can choose from 40 accredited lenders for this scheme https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/
For businesses in Scotland, Wales and Northern Ireland there are variations on all the above schemes available. For further information please see the following links:
For all the nitty gritty and to find out what exactly you need to do to apply for these schemes, grants and rebates please visit the government’s Coronavirus hub - https://www.gov.uk/government/publications/guidanc...