Financial support: individuals
Self-Employment Income Support Scheme
If you’re eligible based on your tax returns, HMRC will contact you in mid-July to give you a date that you can make your claim from. It will be given to you either by email, text message, letter or within the online service.
The online service to claim the fifth grant will be available from late July 2021.
Support for businesses paying tax: Time To Pay Service
If you cannot pay your tax bill on time because of coronavirus, you may be able to delay it without a penalty using HMRC’s Time to Pay service.
You might be eligible if your UK business:
- pays tax to the UK government
- has outstanding tax liabilities
Financial support: businesses
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 September 2021 covering 80% of employees’ wages.
Recovery Loan Scheme
Businesses – ranging from coffee shops and restaurants, to hairdressers and gyms – can now access loans varying in size from £25,000, up to a maximum of £10 million. Loans will include 80% government guarantee and interest rate cap.
The scheme is open until 31 December 2021, subject to review.
More info: bit.ly/RecoveryLoanN
Additional Restrictions Grant
You might be able to get this grant if your business has been negatively affected by coronavirus.
Your local council will decide if you are eligible and how much you can get. Examples of what makes your business eligible could include:
- you do not pay business rates and your business was closed by law
- you supply an industry that had to close because of coronavirus, for example the retail, hospitality or leisure sector
- your business is in the events sector
The Additional Restrictions Grant ends on 31 March 2022.
Find out more about the coronavirus Additional Restrictions Grant. You’ll need to apply through your local council.
This article runs through the business finance options available once government support comes to an end.
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