Support for business

Coronavirus (COVID-19) - support for business

You can contact the government’s Business Support Helpline for free advice.

You can also find free support, advice and sources of finance through your local ‘growth hub’.

Business Support Helpline (England)

Telephone: 0300 456 3565
Monday to Friday, 9am to 6pm
 

 

The government recognises the huge challenges faced by many businesses in light of the Coronavirus epidemic. In both the Budget, and a statement by the Chancellor on 17th March 2020, a set of measures were announced to help businesses at this difficult time. 

Government guaranteed loans

  • The government is making available an initial £330 billion of guarantees - equivalent to 15% of our GDP. That means that businesses who need access to cash top pay their rent, salaries, suppliers or purchase stock will be able to access a government-backed loan, on attractive terms. If demand is greater than the initial £330bn, the Chancellor will go further and provide as much capacity as required.

 

  • These loans will be available through two main schemes, which will be up and running by the start of next week: 
    • For larger firms, to support liquidity, a new lending facility will be created to provide low cost, easily accessible commercial paper. 
    • To support lending to Small and Medium Sized businesses, the new Business Interruption Loan Scheme will be extended, providing loans of up to £5 million, with no interest due for the first six months. 

In the coming days, a potential support package for airlines and airports will be discussed. 

Insurance, business rate relief and cash grants

  • For pubs, clubs, theatres and other hospitality, leisure and retail venues which have a policy that covers pandemics, the government's action is sufficient and will allow businesses to make an insurance claim against their policy. 
  • For businesses which don't have insurance, those with a rateable value of less than £51,000 will receive an additional cash grant of up to £25,000 per business to bridge through this period. 
  • All businesses in these sectors, regardless of their rateable value will pay no business rates this year. 
  • The government will provide an additional £2.2 billion funding for local authorities to support small businesses that already pay little or no Business Rates, because of Small Business Rate Relief. This will provide a one-off grant of £10,000 to around 700,000 businesses who currently receive Small Business Rate Relief or Rural Rate Relief, to help meet their business costs. Local authorities will be fully compensated for these measures. 

Statutory Sick Pay

  • The government will legislate to allow small and medium-sized businesses (SME's) to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to Coronavirus for up to two weeks.

Support with tax liabilities

  • All businesses and the self-employed in financial distress with outstanding tax liabilities may be eligible to receive support with their tax affairs through the HMRC's Time To Pay service. We all have to play our part in tackling this virus and slowing the spread. As with any new illness, information about the virus spreads is still emerging, but symptoms of Coronavirus include a cough, high temperature and shortness of breath.

Insurance details for businesses:

Please visit the following page for information regarding insurance: https://mcusercontent.com/a272e0397e2a49b7bbb445e62/files/48058d2a-b7b7-402b-bfb0-98cd16c67d40/Coronavirus_Insurance_Update.pdf

 

 

Attachments

Attachment Size
Coronavirus Rolling Brief 259.2 KB
What Businesses Should Close 170.73 KB
Business Support - Local 47.58 KB
FAQ Grant Funding Scheme 216.94 KB