Support For Businesses During The Coronavirus (COVID-19)

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

We know at the moment it is a scary time for all businesses due to the whole economy slowing down and many businesses having to temporarily close due to the Corona Virus. Many businesses have worries about how they are going to survive this period due to reduced revenue or no revenue at all.

To help we have put together a guide on the financial support that is currently available for businesses during this time. News and information is constantly changing at the moment so we keep this blog as up to date as we can.

Please note we are not financial experts and this is blog purely for informational purposes, we would advise you speak to your accountant to see what you maybe eligible for and also call the HMRC for more advice.

Government Support

Below is a quick overview of what government support is available. Many of these schemes are currently being developed by the government. For more detailed information and to check if you are eligible please head to – COVID-19: support for businesses.

Coronavirus Job Retention Scheme

HMRC have said that they will reimburse 80% of employees wage costs up to £2,500 per month. They are currently setting up this system for reimbursements.

How to claim?

The HMRC are developing a new portal where you will submit information about the employee that you have designated as a furloughed worker.

Deferring VAT and Income Tax Payments

The HMRC will defer VAT payments for 3 months if you currently pay VAT. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

How to claim?

Both of these offers are automatic and no application is needed.

Reclaiming sick pay for employees

Employers will be able to reclaim Statutory Sick Pay (SSP) paid to employees for any absence that is due to COVID-19.

How to claim?

This scheme is currently being developed.

Business rates holiday for retail, hospitality and leisure businesses 

The HMRC are going to introduce a business rates holiday for business in retail, hospitality and leisure.

How to claim?

This will be applied to your next council tax bill in 2020.

Cash grants for retail, hospitality and leisure businesses

There are a number of grants available up to £25,000 for businesses in these sectors under the Retail and Hospitality Grant Scheme.

How to claim?

Your local authority will write to you if you are eligible for this grant.

Cash grants for businesses that pay little or no business rates

The government have also launched a Small Business Grant Scheme that is to support small businesses that already pay little or no business rates because of small business rate relief. This scheme provides a one-off £10,000 grant for eligible businesses.

How to claim?

You will be written to if you are eligible.

Loan support from the Government

The government are providing loans through the Coronavirus Business Interruption Loan Scheme. This scheme gives access of working capital up to £5 million in value for up to 6 years.

How to claim?

Talk to your bank or 40 accredited finance providers.

Buying short term debt from larger companies

Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies. This will support your company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities.

How to claim?

This scheme is launching in the week beginning 23rd March.

Support for businesses paying tax

If you have outstanding tax liabilities which is causing financial distress you may be able to get support though the HMRC’s Time To Pay service. All cases are dealt with on a case by case basis.

How to claim?

Call HMRC’s dedicated helpline on 0800 0159 559.

Remember many of of the above schemes are still yet to properly be developed, for the most up to date information visit – COVID-19: support for businesses.

Other Grants

Facebook small business grants program

Facebook have launched a program to help business facing difficulties due to COVID-19, they have pledged to give £100 million in cash grants and ad credits.

How to Apply?

To sign up and find out more information head here.

We hope this information helps keep your business running during this hard time. If you have any other information on business support that is available please let us know and we will up date this blog.

Please share this blog with anyone who you think might find it helpful.

Last Updated:


Share on facebook
Share on twitter
Share on linkedin
Share on pinterest