Financial support: individuals
Self-Employment Income Support Scheme
If you’re self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
Businesses who deferred their VAT will no longer have to pay a lump sum at the end of March next year. They will have the option of splitting it into smaller, interest free payments over the course of 11 months.
Any of the millions of self-assessed income taxpayers who need extra help, can also now extend their outstanding tax bill over 12 months from January.
Financial support: SME businesses
Businesses impacted by the new lockdown will be able to access additional grants of up to £9,000 per premises – with £4.6 billion available across the UK. Read more: http://bit.ly/LockdownGrantN
Coronavirus Job Retention Scheme
Following the Prime Minister’s announcement on further restrictions, the UK-wide Coronavirus Job Retention Scheme will be extended until the end of April 2021 covering 80% of employees’ wages.
Job Retention Bonus
As part of the plan to support jobs, a Job Retention Bonus will be introduced to help firms keep furloughed workers. UK Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
Deadline for coronavirus business loan schemes extended
Deadlines for applications to government-backed loan schemes and the Future Fund have been further extended until the 30 March 2021.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19): https://gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Financial support: large businesses
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) ensures 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. The application deadline for all coronavirus loan schemes has been extended to 30 March 2021. More details are available here.
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.
Covid-19 Corporate Financing Facility (CCFF)
Vehicle to support corporates who would ordinarily seek market-based finance for their working capital, but find themselves unable to access financial markets in this uncertain operating environment.
As part of our online business support webinar programme, we are delighted to be partnering with Michelle Mook, Managing Director of Pro-Development, to deliver a series of nine Leadership webinars starting on 26 November.
To celebrate the start of Circular Yorkshire Month today (2nd Nov), York & North Yorkshire Growth Hub and Too Good to Go have teamed up to offer a great promotion to businesses in the region.
25th January 20212:00 pm - 3:00 pmFREE
This free webinar will look at tools and resources that can improve mental wellbeing during times of extreme change.
26th January 202112:00 pm - 1:00 pmFREE
This free webinar will support leaders in understanding why healthy conflict is important for creating high performing teams and how to manage it.
The York & North Yorkshire Growth Hub have teamed up with business coach Gareth Allen for a free webinar which will act as a useful primer for new and early stage businesses on the funding options that are available for them now and in the future.
The York & North Yorkshire Growth Hub have teamed up with business coach Gareth Allen to pose some useful questions to ask yourself, and give you some ideas to make changes.