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

Support measures for freelancers and the self-employed: Self-employment Income 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.

There is also a step-by-step guide available on YouTube.

Further information relating to the scheme: FAQs section

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

Financial support: charities

Charities across the UK will receive a £750 million package of support to ensure they can continue their vital work during the coronavirus outbreak. More details about the recent announcement can be found here.

Financial support: SME businesses

Protection for businesses with regards to commercial evictions and penalties for missed payments. You can read the press notice here.

Coronavirus Job Retention Scheme

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.

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

Creative Sector

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 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.

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.

Working safely guidance

The government has issued new guidance to help businesses in the UK to get back up and running, and operating as safely as possible. This follows the Prime Minster setting out steps to beat the virus and restart the economy.

The guidance is broken down according to type of workplace rather than sector, with eight sets of guidelines in total. It is important that businesses understand that they may need to look at several publications according to their particular circumstances. It sets out practical steps for businesses focused on five key points:

  • work from home if you can
  • carry out a COVID-19 risk assessment in consultation with workers or trade unions
  • maintain 2 meters social distancing wherever possible
  • where people cannot be 2 meters apart, manage transmission risk
  • reinforcing cleaning processes.

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