In addition to the Government initiatives set out below there is an increasing demand to access the Government loans and we have already been accessing these successfully for clients as we know exactly what the banks are looking at.
For further information regarding these including the new loans of up to £50k that are 100% guaranteed by the Government that are now available please click here.
If you want to take advantage of what coronavirus financial support there is for your business then why not have this assessed for you through this link.
In summary, there a number of other initiatives that include a package of measures to support businesses including:
- a Coronavirus Job Retention Scheme
- deferring VAT and Income Tax payments
- a Self-employment Income Support Scheme
- a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
- a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
More up to date and more detailed guidance around each of the areas above, this can be found here.
For claiming back any of the grants from your local authority, this can be done through their website and we have attached the links for just some local authorities below: