Government support for businesses
For a full list of support for businesses and the self-employed, visit the Government’s business support website: bit.ly/bizsupportnew
Coronavirus Information Service
The UK Government has launched a GOV.UK Coronavirus Information service on WhatsApp.
For more information, please click here: https://www.gov.uk/government/news/government-launches-coronavirus-information-service-on-whatsapp
Financial support – small to medium businesses
Protection for businesses with regards to commercial evictions and penalties for missed payments. You can read the press notice here.
Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19). Apply here: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
Coronavirus Business Interruption Loan Scheme
The government has extended the Coronavirus Business Interruption Loan Scheme (CBILS) so that all viable small businesses affected by COVID-19 are eligible. 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 12 months of interest and fees. More details can be found here.
This scheme helps small and medium-sized businesses affected by coronavirus (COVID-19) to access loans of up to £50,000. Apply here: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Small business advice
The Federation of Small Businesses (FSB) has resources and information designed to help small businesses through the Coronavirus outbreak. FSB’s website.
Arts Council England will offer individuals and organisations working in the cultural sector new financial support during this crisis, totalling £160 million. For more details and to check eligibility visit the Arts Council England website.
Financial support – large businesses
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.
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.
Loans backed by a guarantee under CLBILS will be offered at commercial rates of interest and further details of the scheme will be announced later this month.
Please find initial details here: https://bit.ly/NewCLBIL
The government’s £500 million Future Fund is open for applications with innovative and high-growth British businesses able to secure investment to help them through the Coronavirus outbreak. More details available here.
Financial support – individuals
Self-employment Income Scheme https://www.businesssupport.gov.uk/self-employment-income-support-scheme/
The Self-Employment Income Support Scheme is now open for claims. If you’re eligible, you’ll be given a date when you can claim between 13 and 18 May. You can check your claim date online: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
There is also a step-by-step guide available on YouTube: https://www.youtube.com/watch?v=nRNKONgLqhg&list=PL8EcnheDt1zhTsyhT9ak3xiXnmlvbHJJV&index=8
FAQs for the Self-employed: https://bit.ly/SelfEmployedFAQs
DWP has a webpage with info about Coronavirus and claiming benefits.