Business Support
An overview of the business support measures have been made available to UK businesses and employees.
Click here to find out what financial support you can get for your business
Grants
COVID-19 Travel Sector Grant
A one-off grant of up to £6,000 for commercial and home-based businesses in the travel sector severely impacted by COVID-19 travel restrictions and the Omicron variant. The deadline to apply is 11 March 2022.
Omicron hospitality, accommodation and leisure grant
A grant for Sheffield businesses whose main activity is in the hospitality, accommodation or leisure sectors. Their primary activity must be the provision of face to face services from commercial premises.
The deadline to apply has been extended to 11 March.
You can find the detail the government has provided so far on Sheffield City Council's website. The full Government statement is available on the gov.uk website.
Click here for more information
Pay As You Grow
Originally announced by the Chancellor of the Exchequer in September 2020, Pay As You Grow (PAYG) will enable businesses who have started repaying their Bounce Back Loans to:
- request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5%
- reduce their monthly repayments for six months by paying interest only. This option is available up to three times during the term of their Bounce Back Loan
- take a repayment holiday for up to six months. This option is available once during the term of their Bounce Back Loan.
Click Here for more information
Recovery Loan Scheme
The Recovery Loan Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.
Up to £10 million is available per business. The actual amount offered and the terms are at the discretion of participating lenders. The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt. The scheme is open until 31 December 2021, subject to review.
