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What financial assistance is available for companies?
Published on 20/03/2020
Financial Assistance
The Chancellor announced a package of measures to provide support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised.
www.gov.uk/government/publications/support-for-those-affected-by-covid-19
These include:
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A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first 6 months of that finance interest free, as government will cover the first 6 months of interest payments.
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For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the costs of large-scale sick leave.
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A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on
0800 0159 559. -
There will be a £10,000 cash grant to our smallest businesses, delivered by local authorities. Small businesses that pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief will be contacted by their local authority - they do not need to apply. The funding will be provided to local authorities in early April. Guidance for local authorities on the scheme being expected tomorrow (20th March 2020).
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Finally, the government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. In addition, the decisions announced by the Bank of England on 11 March 2020 mean that banks are in a better position to provide additional credit to smaller businesses.
Additional resources
- The government’s coronavirus action plan provides detailed information about the government’s response: https://www.gov.uk/government/publications/coronavirus-action-plan
- The government has put a range of support in place for those who do not receive Statutory Sick Pay, including Universal Credit and contributory Employment and Support Allowance.
- ACAS has published information for employees and employers, including simple steps to help protect the health and safety of staff: https://www.acas.org.uk/coronavirus
- A number of private lenders are also making funds available to small businesses impacted by COVID-19, including £2 billion from Lloyds Banking Group, £5 billion from NatWest read here and £7 billion from Barclays read here.
- If you have a query that isn’t covered by this guidance you can contact the Business Support Helpline https://www.gov.uk/business-support-helpline
Disclaimer - all information in this article was correct at time of publishing.
