The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), 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.
All UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis
Business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
CBILS is a new scheme, announced by The Chancellor at Budget 2020, that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form
Deferring Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
Business rates holiday for nurseries in England for the 2020 to 2021 tax year.Properties that will benefit from the relief will be hereditaments: occupied by providers on Ofsted’s Early Years Register wholly or mainly used for the provision of the Early Years Foundation Stage
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
RBS Mentor is offering their digital platform, MentorLive, free of charge to help support you and your business. Mentor is our Employment Law, HR, Safety, Health and Environmental support service. MentorLive is part of a wider range of services designed to support customers with Employment Law, HR, Health & Safety and Environmental management. It includes helpful tools and templates to make managing your business simpler.
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees. Who can use the scheme, You can use the scheme as an employer if, you’re claiming for an employee who’s eligible for sick pay due to coronavirus, you have a PAYE payroll scheme that was created and started on or before 28 February 2020, you had fewer than 250 employees on 28 February 2020, across all your PAYE payroll schemes
Covers exceptional costs associated with coronavirus (COVID-19) for the period March to July 2020. Funding will be available for all state-funded mainstream and special schools, and alternative provision
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak. The new Future Fund will support innovative UK companies with good potential, that are essential in ensuring the UK retains its world leading position in science, innovation and technology. These companies typically rely on equity investment and are currently affected by Covid-19. There is £125k-£5m of government support. Companies must be UK-incorporated and if part of a corporate group, only the parent company is eligible. Companies in receipt of the loans will be required to have previously raised at least £250k in equity investment from third party investors in the last five years. Only eligible companies that can attract at least 50% of third-party investment will receive funding. • Companies cannot have any of their shares traded on a regulated market, multilateral trading facility or other listing venue. The company must have been incorporated on or before 31 December 2019.
Grants at this present time are available up to £3,000. The Foundation is opening the fund to constituted groups with an income below £250,000 who are providing, but not limited to the following services, Food banks or social eating projects, Delivery of emergency food/medicine parcels to those isolated due to the virus, Street Pastors or those engaging in outreach activities, Befriending services supporting the elderly or vulnerable through isolation.
Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.