Financial support for businesses – what’s available

Build UK has produced this handy summary of the various emergency schemes that the government has produced to date to help businesses survive the Covid-19 pandemic.

Coronavirus Job Retention SchemeAll UK employersEmployees that you can no longer afford to pay will be designated ‘furloughed workers’
Claim 80% of their wage costs up to a cap of £2,500 per month.
A new online portal will be established.
Statutory Sick Pay (SSP) reclaimEmployers with fewer than 250 employees on 28 February 2020Claim back up to two weeks SSP per employee who is absent due to Covid-19.
Maintain records of absence. No GP fit note required.
Repayment mechanism not yet in place. Commences as soon as the legislation is in place.
VAT deferral for three monthsAll UK businessesVAT payments will not need to be made between 20 March and 30 June 2020.
Continue to account for VAT on eligible goods & services. Deferred VAT will be due by April 2021. No penalites or interest will be charged. Vat refunds will paid as normal.
No application required to benefit from deferral.
Time to Pay – Tax ServiceBusinesses that pay tax to the UK government and cannot pay a current tax billArranged on a case by case basis for current or imminent tax payments.
Call HMRC on 0800 0159 559
Income Tax deferralSelf-employed workersIncome Tax self-assessment payments due on 31 July 2020 will be deferred until 31 January 2021
Business rates holidayRetail, hospitality and leisure sector businesses in EnglandNo action required. Will be applied to Council Tax bill in April 2020 (your bill may have to be reissued).Calculate the value of this benefit
Cash grantRetail, hospitality and leisure sector businesses in EnglandNo action required. Local authorities will notify businesses. Available for each different property dependant on rateable value: 
• Rateable value under £15,000 eligible for £10,000
• Rateable value between £15,001- £51,000 eligible for £25,000
Small Business Grant SchemeSmall businesses that occupy property and receive Small Business Rate Relief (SBBR), Rural Rate Relieve (RRR), or Tapered Relief in EnglandNo action required. Local authorities will contact businesses.
One-off grant of £10,000. Scheme not yet in place
Coronavirus Business Interruption Loan (CBIL)UK businesses with a turnover of less than £45 million per year which meet British Business Bank eligibility criteriaAvailable from 23 March. Loans of up to £5 million, 12 months interest free. Apply through your current bank or an accredited lender.
Covid-19 Corporate Financing FacilityAll UK businessesAvailable from 23 March. Purchase Commercial Paper (CP) during a defined period each business day.
Businesses do not have to have previously issued CP.
Available from the Bank of England
MoT SuspensionBusinesses using heavy goods vehicles (HGVs) and public service vehicles (PSVs)Available as of 21 March 2020
Annual MOTs suspended for three months for all HGVs and PSVs
Vehicles to be issued with a certificate of temporary exemption (CTE)
Find out more from the DVSA

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