UK Government support measures
The UK government has announced a series of measures to provide support for businesses affected by Coronavirus.
There may be some variations to the below measures announced among devolved nations. Further information on support for businesses in the devolved nations can be found:
- Support for business in Wales
- Support for business in Northern Ireland
- Support for business in Scotland
Please read this information in conjunction with the official guidance from the UK government. These will be amended as and when we receive updated information. The material is provided only as a guide and is not legal advice. You are strongly advised to seek advice from a qualified legal practitioner regarding your individual circumstances.
Bounce Back Loan Scheme
Bounce Back Loan Scheme (BBLS) What is it? The Bounce Back Loans scheme will offer loans from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower. On 2 November, the BBLS rules were amended to allow those businesses who have borrowed less than their maximum (i.e. less than 25% of their […]
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
What is it? UK government will provide a guarantee of 80% to enable banks to make loans to firms with turnover of more than £45 million of up to £200 million. Companies borrowing more than £50m through CLBILS will be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the […]
Business rates holiday for retail, hospitality and leisure businesses
What is it? The UK government is temporarily increasing the Business Rates discount to all businesses in the retail, hospitality and leisure sectors in England to 100% for 2020-21, irrespective of rateable value. Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority as soon as […]
Covid-19 Corporate Financing Facility
Covid-19 Corporate Financing Facility (CCFF) What is it? The Bank of England will provide funding – aimed at large businesses – by purchasing commercial paper of up to one-year maturity. The facility will offer financing on terms comparable to those prevailing in markets in the period before the impact of Coronavirus. The facility will look through […]
Coronavirus Job Retention Scheme (CJRS)
What is it? Businesses can claim for some of your employee’s wages if they have put them on furlough or flexible furlough because of Coronavirus. On 17 December, Chancellor of the Exchequer Rishi Sunak MP announced that Coronavirus Job Retention Scheme (CJRS) or furlough scheme will be extended for an extra month until the end […]
VAT Deferral New Payment Scheme
What is it? Businesses that deferred VAT due in March to June 2020 will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make […]
Self-employment Income Support Scheme Extension
What is it? The Self-employment Income Support Scheme (SEISS) will provide grant support to self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. SEISS was extended further from November 2020 to April 2021. The extension will be in the form of two taxable grants at 40% of trading profits. The […]
Statutory Sick Pay
What is it? Small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. SSP is payable from day one of sickness absence. Am I eligible? The eligibility criteria for the scheme will be as follows: this refund will cover up to 2 weeks’ SSP per eligible employee […]
Time to Pay
What is it? All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Am I eligible? You are eligible if your business […]
Future Fund
What is it? Aimed at start-ups and high growth businesses, the scheme will provide convertible loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal matched funding from private investors. There is no cap on the amount that the matched investor(s) may loan to the company. The scheme is open […]
Local Restrictions Support Grant (Closed)
What is it? Businesses required to close in England due to local or national restrictions will be eligible to receive the following: For properties with a rateable value of £15,000 or under, grant of £1,334 per 28-day qualifying restriction period. For properties with a rateable value over £15,000 and below £51,000, grant of £2,000 per […]
Local Restrictions Support Grants (Open)
What is it? UK government are providing additional funding to allow Local Authorities (LAs) for in high-alert level areas which are not legally closed, but which are severely impacted by the restrictions on socialising. The funding LAs will receive will be based on the number of hospitality, hotel, B&B, and leisure businesses in their area. […]
Additional Restrictions Grant
What is it? Local authorities in England will receive one off funding of £1.1 billion to support businesses more broadly over the coming months which they can use this at their discretion. This will be distributed to local authorities on the basis of £20 per head of population. Am I eligible? The UK government will […]
Temporary VAT reduced rate for hospitality and tourism extended
What is it? The temporary reduced rate of VAT (5%) for businesses in hospitality and tourism has been extended from 12 January to 31 March 2021. Am I eligible? This will apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises, supplies of accommodation and admission to attractions across […]
Corporate Insolvency and Governance Act
Measures from the Corporate Insolvency and Governance Act extended, including allowing firms to hold virtual AGMs until 30 December 2020 and statutory demands and winding-up petitions restricted until 31 December 2020. The UK government has published a full list of the rules that have been temporarily relaxed to make it easier for businesses to continue working through the disruption […]
Temporary ban on eviction for commercial tenants
Commercial tenants who cannot pay their rent because of Coronavirus will be protected from eviction. This will mean that until the end of 2020 no business will be forced out of their premises if they miss a payment. Commercial tenants will still be liable for the rent after this period.
Kickstart Scheme
The UK government has introduced a new Kickstart Scheme in Great Britain, a £2 billion fund to create hundreds of thousands of high quality 6-month work placements aimed at those aged 16-24 who are on Universal Credit and are deemed to be at risk of long-term unemployment. Funding available for each job will cover 100% […]
Payments for employers who hire new apprentices or trainees
The UK government will introduce a new payment of £2,000 to employers in England for each new apprentice they hire aged under 25, and a £1,500 payment for each new apprentice they hire aged 25 and over, from 1 August 2020 to 31 January 2021. Employers can now apply for a £1000 cash support to help them […]
Pay As You Grow
What is it? Pay As You Grow (PAYG) will enable businesses who have started repaying their Bounce Back Loans to: request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5% reduce their monthly repayments for six months by paying interest only. This option is […]
Closed Businesses Lockdown Payment (CBLP)
What is it? A one-off top up grant for retail, hospitality and leisure businesses worth up to £9,000 per property and is in addition to existing grant support. The one-off top-ups will be granted to closed businesses as follows: £4,000 for businesses with a rateable value of £15,000 or under £6,000 for businesses with a rateable value […]