A full range of business support measures have been made available to UK businesses and employees. Click here to find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.
New Update – Coronavirus Business Interruption Loan Scheme (CBILS)
This scheme, delivered by the British Business Bank, will enable small and medium sized businesses to apply for a loan from £1,000 to up to £5m, with the government providing a guarantee of 80% on each loan and with no interest due for the first twelve months. CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Click Here for more information and how to apply.
The Government has extended the CBILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time. The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The government will continue to cover the first twelve months of interest and fees.
New – Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The new CLBILS will ensure 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. Further details of the scheme will be announced shortly.
Self-employment Income Support Scheme
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. People able to make their first claim by the beginning of June. Click Here for more information and Click Here for FAQs.
Coronavirus Job Retention Scheme (CJRS)
Government grants will cover 80% of the salary of retained workers, up to a total of £2,500 a month. The scheme, open to any employer in the country, will cover the cost of wages backdated to March 1st and will be open before the end of April for at least 3 months. Click Here for more information.
New – HMRC have updated guidance on the coronavirus job retention scheme and furloughing
Statutory Sick Pay (SSP)
SSP will be temporarily available to those who are advised to self-isolate and people caring for those within the same household who display Coronavirus symptoms and have been told to self-isolate. A new style Employment and Support Allowance and Universal Credit will be available to those that are not entitled to Statutory Sick Pay.
- a Coronavirus Job Retention Scheme
- deferring VAT and Self-Assessment payments
- a Self-employment Income Support Scheme
- a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
- a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
Click Here for more information.
Other loans and grants
- £25,000 cash grant – for businesses in the retail, hospitality and leisure sectors, with a rateable value over £15,000 and below £51,000
- £10,000 cash grant to small businesses – there will be a £10,000 cash grant to small firms in England eligible for Small Business Rate Relief. This will be delivered by Local Authorities.
Click Here for more information.
Official Government Guidance for Employees, Employers and Businesses
This guidance will assist employees, employers, and businesses in addressing coronavirus (COVID-19). Click Here for more information.
Frequently Asked Questions
FAQs on UK Government Support Measures
The BCC policy team has produced FAQs on the various UK government support measures announced for business. This information will be updated as and when more guidance becomes available on how to access UK government support. Click Here to read more.
Coronavirus General FAQs
Please note that these will be updated as and when more guidance becomes available. Click Here to read more.