The government has introduced a new Kickstart Scheme in Great Britain, a £2 billion fund to create hundreds of thousands of high quality 6-month work placements aimed at those aged 16 to 24 who are on Universal Credit and are deemed to be at risk of long term unemployment.
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
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.
Local Restrictions Support Grant, which is for certain businesses that pay business rates and have been instructed to close by the Government. Additional Restrictions Grant, which is designed to support both open and closed rated and non-rated businesses, or businesses that are severely impacted that require support in local areas. This scheme is discretionary.
Following the introduction of national restrictions on 5 November 2020 the government announced further financial support for businesses who have been required to close or severely affected by the new measures.
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.
The government have announced a business grant scheme to cover the 4 week national lock down period. The scheme will cover businesses occupying properties subject to business rates, that have been mandated to close by Central Government
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
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.