Financial support: individuals
Extension of the Self Employment Income Support Scheme Grant (SEISS).
An initial taxable grant provided to those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand due to coronavirus.
The DWP also has a webpage with info about Coronavirus and claiming benefits.
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
£20 million new funding to help smaller businesses
SME grant funding applications are not currently open – register your interest here.
Job Support Scheme
Introduced from 1 November to protect viable jobs in businesses who are facing lower demand over the winter months due to coronavirus. The scheme will run for six months and will be open to businesses across the UK even if they have not previously used the furlough scheme. It is designed to sit alongside the Jobs Retention Bonus.
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.
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. The application deadline for all coronavirus loan schemes has been extended to 30 November 2020.
Bounce Back Loan
This scheme helps small and medium-sized businesses affected by coronavirus (COVID-19) to access loans of up to £50,000. The application deadline for all coronavirus loan schemes has been extended to 30 November 2020. Apply here: 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 November 2020. 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. The application deadline for all coronavirus loan schemes has been extended to 30 November 2020. 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.
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.
We are delighted to announce that this Saturday 17 October ShopAppy.com is launching in four towns in North Yorkshire – Malton, York, Richmond and Stokesley.
Discover Yorkshire Coast is the official tourism organisation of Scarborough Borough Council.
02nd November 202012:00 pm - 1:00 pmFREE
Join our free webinar to find out how you can save costs, increase efficiency and build resilience in your business with the circular economy
13th November 20209:30 am - 12:30 pmFREE
Ready to start your own business? Whether you’re working on your first business idea or have recently begun trading, this Masterclass is for you.
The global COVID-19 pandemic and other threats such as the EU exit, are forcing us to think about business resilience.
Consumer demand for quality products that last is at an all time high and purpose is becoming an important part of many businesses.