Summary: Government coronavirus help for businesses
The Government coronavirus support includes these measures for small businesses:
1. Bounce Back Loans for small businesses
Get from £2,000 up to 25% of your annual turnover to a maximum of £50,000, interest-free for a year and no repayments for the first 12 months.
2. Grants of £10,000 for small businesses
The Small Business Grant Scheme is for businesses who get Small Business Rate Relief or Rural Rate Relief.
3. Grants of £10,000 or £25,000 for retail, hospitality and leisure businesses
The Retail and Hospitality Grant Scheme is for businesses in these sectors with property which has a rateable value between £15,000 and £51,000.
4. Rates holiday for retail, hospitality and leisure
Businesses in these sectors and based in England won’t pay business rates for the tax year 2020-2021. You don’t have to do anything – it’ll be applied on your council tax bill in April 2020. There are rates relief schemes in the other nations of the UK but the details are different: Scotland | Wales | Northern Ireland
5. Job Retention Scheme
The Government will reimburse you for part of the wages or salary for your staff if you’d otherwise have to lay them off during the coronavirus crisis.
6. Statutory Sick Pay relief for SMEs
To allow employers to reclaim Statutory Sick Pay (SSP) they pay for sickness absence due to COVID-19. To be eligible, your business must have had fewer than 250 employees on 28 February 2020
7. Coronavirus Business Interruption Loan Scheme
This Scheme offers loans of up to £5 million for SMEs through the British Business Bank
8. Self Employed Income Support Scheme
For eligible self-employed workers who submitted a tax return for 2018-2019: a taxable grant worth 80% of your average monthly profits for the last 3 years, up to £2,500 a month
9. Coronavirus Corporate Financing Facility
For larger companies. The Bank of England will buy short-term debt to support companies affected by a short-term funding squeeze.
10. HMRC Time To Pay Scheme
For businesses and self-employed in financial distress, and owing money to HMRC. These businesses and individuals might be eligible for support, for example a longer time to repay what they owe.