The government has outlined financial relief for businesses to support you during the outbreak of Coronavirus (COVID-19). From this page you can find out how to access the support, find out more about the grants and loans that may be available for your business and read the latest business related advice. You can also use this online business support finder to see what support is available for you and your business.
Please visit our dedicated webpage for guidance on running your business safely and your responsibilities as an employer or employee.
Bounce Back Loan Scheme (BBLS)
The Bounce Back Loan Scheme allows small business owners to apply to accredited lenders by filling out a simple online form, with only seven questions. Businesses can borrow between £2,000 and £50,000 with the cash being made available within days. The Government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Loan terms are up to six years.
The scheme is being delivered through a network of accredited lenders. The Government has also agreed with lenders that a flat rate of 2.5% interest will be charged on these loans. For more information and to apply, please check your eligibility and apply online.
Statutory Sick Pay Rebate Scheme
The recently announced Coronavirus Statutory Sick Pay Rebate Scheme will go live from Tuesday 26 May, when a new online service will be launched for small and medium-sized employers - with fewer than 250 employees - to recover Statutory Sick Pay (SSP) payments they have made to their employees.
Employers will receive repayments at the relevant rate of SSP that they have paid to current or former employees for eligible periods of sickness starting on or after 13 March 2020.
Coronavirus Job Retention Scheme
This scheme allows employers to claim for 80% of your employee’s wages up to £2,500 a month per employee if you have put them on furlough because of coronavirus (COVID-19). The scheme will close to new entrants from Tuesday 30 June.
From 1 July, employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim CJRS grant for their normal hours not worked. When claiming the CJRS grant for furloughed hours employers will need to report and claim for a minimum period of a week.
The scheme will close to new entrants from 30 June. From this point onwards, employers will only be able to furlough employees that they have furloughed for a full 3 week period prior to 30 June.
This means that the final date by which an employer can furlough an employee for the first time will be 10 June, in order for the current 3 week furlough period to be completed by 30 June. Employers will have until 31 July to make any claims in respect of the period to 30 June.
Further guidance on flexible furloughing and how employers should calculate claims will be published on 12 June.
Coronavirus Large Business Interruption Loan Scheme
The Government has extended the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme from £50 million to £200 million.
Loans under the expanded scheme will be made available to large businesses affected by coronavirus from the week commencing 25 May 2020.
Changes also mean companies receiving help through CLBILS and the Bank of England’s Coronavirus Corporate Financing Fund will be asked to agree to not pay dividends and to exercise restraint on senior pay.
Business grants update:
The Small Business Grant Fund (SBGF) and Retail Hospitality Grant Funding (RHGF) scheme closed on Friday 28 August.
We’re pleased to say we have paid over £19m in grants to eligible businesses over the past five months. If you have any enquiries about any of these grants, email us at: firstname.lastname@example.org
Local Authority Discretionary Grants Fund
The Government has provided North West Leicestershire District Council with a £1 million fund to allow us to further support small businesses at this difficult time.
The fund is aimed at small businesses with relatively high ongoing fixed costs that have suffered a significant fall in income due to Covid-19. The maximum grant available through our scheme is £10,000 but we expect the vast majority of payments will be much lower to ensure we can distribute the £1 million as widely as possible.
Applications for this scheme closed on Sunday 21 June 2020 with the first grant awards being paid from the week commencing Monday 22 June.
If you have any queries about this scheme, please contact email@example.com.
NWLDC Discretionary Business Grants Fund Policy (PDF Document, 0.43 Mb)
HMRC COVID-19 tax helpline (GOV.UK)
If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 0159 559.
Last updated: Tue 20 October, 2020 @ 09:45