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COVID-19 Support: Businesses

To read the most up to date information on advice from the government regarding keeping safe, as well as key information such as travel advice, please click here.

The government has announced a full range of business support measures to be made available for businesses and employees which we have highlighted below.

The Coronavirus Business Interruption Loan Scheme is to support small and medium-sized businesses with access to loan, overdrafts, invoice finance and asset finance up to £5m for up to six years. Please check the most recent status of this support click here.

The Coronavirus Job Retention Scheme allows all UK employers with a PAYE scheme created and started on or before 28 Feb 2020 to access support to continue to pay part of their employees’ salary for those that would otherwise have been laid off during this crisis.
Check the most recent status of this here.

Small Business Grant Funding has been created by the government to provide additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
Check the most recent status of this here.

VAT Deferral has been announced by the government to support businesses by deferring Value Added Tax (VAT) payments due between 20 March 2020 and 30 June 2020.
Check the most recent status of this here.

Statutory Sick Pay Rebate sees the government bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) for staff absence due to COVID-19. This refund will cover up to two weeks’ SSP per eligible employee.
Check the most recent status of this here.

Protection from eviction for commercial tenants
All commercial tenants in England, Wales and Northern Ireland who cannot pay their rent because of COVID-19, will be protected from eviction. These measures will mean no business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30 June.
There is the option for the government to extend this period if needed.
Please note: this is not a rental holiday. All commercial tenants will still be liable for the rent.
Check the most recent status of this here.

HMRC’s Time to Pay Service
This was created for any business or self-employed people in financial distress and with outstanding tax liabilities, who may be eligible for support with tax. For support if you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated Coronavirus helpline on 0800 0159 559.

If you’re a larger company, under the new COVID-19 Corporate Financing Facility, the Bank of England will buy short-term debt which will support you if you have been affected by a short-term funding squeeze, and will allow you to finance your short-term liabilities.
Check the most recent status of this here.