Financial support schemes
Last updated 26 November 2020
Coronavirus support is available from the government to employers and the self-employed. You may be eligible for loans, tax relief and cash grants. You can visit GOV.UK for information about support for businesses.
You can also use the business support finder to see what support is available for you and your business.
Coronavirus Job Retention Scheme
If you cannot maintain your current workforce because your operations have been severely affected by coronavirus you can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs. This is up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions - up to the level of the minimum automatic enrolment employer pension contribution - on that subsidised furlough pay.
From the start of July, furloughed workers will be able to return to work part-time. You'll be asked to pay a percentage towards the salaries of your furloughed staff.
The government has confirmed that the scheme will continue until 31 March 2021.
Statutory Sick Pay Rebate Scheme
Small businesses and employers across the UK who have paid Statutory Sick Pay (SSP) to staff taking coronavirus-related leave can now claim this back.
If you're an employer with less than 250 employees, you can claim for coronavirus related Statutory Sick Pay. You can also speak to your tax agent about making claims on your behalf. The repayment will cover up to 2 weeks Statutory Sick Pay starting from the first day of sickness.
For more information and to claim back Statutory Sick Pay, you can visit GOV.UK.
Deferred VAT and self-assessment payments
VAT payments have been deferred for 3 months. Self-assessment tax payments due on 31 July 2020 have been deferred until 31 January 2021. You can find more information on GOV.UK.
Bounce Back Loan Scheme
If you have a small business, you'll be able to borrow between £2,000 and £50,000 and access the cash within days. You can visit GOV.UK to apply for a coronavirus Bounce Back Loan.
Coronavirus Business Interruption Loan Scheme
The government’s Coronavirus Business Interruption Loan Scheme (CBILS) helps small and medium-sized businesses affected by coronavirus to access finance of up to £5 million.
The government’s Coronavirus Large Business Interruption Loan Scheme(CLBILS) will support large businesses, with an annual turnover of between £45 million and £500 million, to access loans of up to £25 million.
Businesses with turnover in excess of £250m can apply for up to £50m of finance.