Coronavirus: government & financial support

Financial support: individuals

Self-Employment Income Support Scheme

If you’re self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.

More details: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

VAT Deferral

Businesses who deferred their VAT will no longer have to pay a lump sum at the end of March next year. They will have the option of splitting it into smaller, interest free payments over the course of 11 months.

Any of the millions of self-assessed income taxpayers who need extra help, can also now extend their outstanding tax bill over 12 months from January.

Financial support: SME businesses

Businesses impacted by the new lockdown will be able to access additional grants of up to £9,000 per premises – with £4.6 billion available across the UK. Read more: http://bit.ly/LockdownGrantN

Coronavirus Job Retention Scheme

Following the Prime Minister’s announcement on further restrictions, the UK-wide Coronavirus Job Retention Scheme will be extended until the end of April 2021 covering 80% of employees’ wages.

Read More: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme

Job Retention Bonus

As part of the plan to support jobs, a Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.

Deadline for coronavirus business loan schemes extended

Deadlines for applications to government-backed loan schemes and the Future Fund have been further extended until the 30 March 2021.

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19): https://gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

Financial support: large businesses

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) ensures that more firms are able to benefit from government-backed support during this difficult time. It will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million. The application deadline for all coronavirus loan schemes has been extended to 30 March 2021. More details are available here.

The Bank of England’s Covid Corporate Financing Facility are providing a quick and cost-effective way to raise working capital for large firms who need it. Information, including which lenders to contact, is available on the Bank of England’s website.

Covid-19 Corporate Financing Facility (CCFF)

Vehicle to support corporates who would ordinarily seek market-based finance for their working capital, but find themselves unable to access financial markets in this uncertain operating environment.