Other Financial Support for Businesses

The Self-Employment Income Support Scheme Grant Extension provides support to the self-employed and has been extended for a fourth and fifth grant.

The fourth grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.Eligibility for the scheme will now be based on your submitted 2019 to 2020 tax return

The grants are taxable income and also subject to National Insurance contributions.

HMRC will provide grants to business to cover the wages of people on furlough or flexible furlough – 80% of salary to a maximum of £2,500 per month.

From 1 July 2021, the level of grant will be reduced and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their wages, up to a cap of £2,500 per month for the time they spend on furlough.

Employers will pay National Insurance and pension contributions for the hours the employee does not work.

The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.

There are several regional and national schemes operating, for example by the National Lottery Community Fund and the Kent Community Foundation.

The VAT rate for the tourism and hospitality sectors will remain at 5% until 30 September 2021, a 15% reduction.

It will then be set at 12.5% between 1 October 2021 to 31 March 2022

The Recovery Loan Scheme provides continued access to finance once the existing Coronavirus loan schemes close, providing support to recover and grow. Once received, the finance can be used for any legitimate business purpose.

Term loans and overdrafts will be available between £25,001 and £10 million per business. Invoice finance and asset finance will be available between £1,000 and £10 million per business.

Read more on the gov.uk website

An animal welfare grant of up to £100,000 for zoos or aquariums affected by coronavirus (COVID-19).

The Film and TV Production Restart Scheme will help productions across the country that have been halted or delayed by an inability to obtain insurance for Covid-19 related risks to get back up and running, by giving productions the confidence they need that they will be supported if future losses are incurred due to Covid-19.

Up to £3,000 payments to support employers who hire new apprentices

Read more and apply at the gov.uk website

If you’re getting less work or no work because of coronavirus (COVID-19), you can also apply online for Universal Credit.

Alternatively, if you’re unable to claim Statutory Sick Pay and are self-isolating because of Coronavirus (or have other health conditions), you may be able to claim Employment and Support Allowance.

Commercial tenants who miss a rent payment will be protected from eviction. This protection will last until the end of June 2021.