Coronavirus: government & financial support

Government support for businesses

For a full list of support for businesses and the self-employed, visit the Business Support website

To find out if you can access support, you can use the government’s eligibility checker

For further guidance, visit the government’s website

 

Financial support: individuals

The Self-Employment Income Support Scheme is now open for claims.

The DWP also has a webpage with info about Coronavirus and claiming benefits.

Financial support: charities

The government has pledged £750 million to ensure VCSE can continue their vital work supporting the country during the coronavirus (COVID-19) outbreak, including £200 million for the Coronavirus Community Support Fund, along with an additional £150 million from dormant bank and building society accounts.

Financial support: SME businesses

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.

Bounce Back Loan

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

Financial support: large businesses

The new Coronavirus Large Business Interruption Loan Scheme (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. 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.

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.

Sustainable Innovation Fund

UK registered businesses can apply for a share of up to £55 million for new projects focusing on sustainable economic recovery from COVID-19.

Quick reference guides

To help you access the right funding for your business, we have produced a range of quick reference guides to some of the key government support schemes.

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