Other Financial Support for Businesses
|Self-Employment Income Support Scheme Grant Extension||
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.
|Find out who can claim, what this grant extension covers and how to apply on the government website.||
The online claims service for the fourth grant will be available from late April 2021 until 31 May 2021.
If you are eligible, HMRC will contact you in mid-April to give you your personal claim date. This will be the date that you can make your claim from.
|Job Retention Scheme||
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.
|Complete online claim application||Scheme extended until 30 September 2021.|
|Statutory Sick Pay||SMEs can be refunded cost of sick pay for up to 14 days for an individual||Applications will be with HMRC.||No update|
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.
|Complete online application form||Applications are now closed. A new scheme, 'Future Fund: Breakthrough' will open in summer 2021|
|Grants for Social Enterprise||
There are several regional and national schemes operating, for example by the National Lottery Community Fund and the Kent Community Foundation.
|Find out more on our Coronavirus Funding page||No update|
|Reduced VAT for tourism and hospitality sectors||
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
|Read more on the gov.uk website||Extended until 30 September 2021|
|Time to Pay - Extra time for tax||Individuals in financial distress and with outstanding tax liabilities will be able to access support to agree a bespoke 'time to pay' arrangement.||Apply to HMRC through their helpline on 0800 0159 559||No update|
|Recovery Loan Scheme
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.
|The scheme launched on 6 April and is open until 31 December, subject to review. Loans will be available through a network of accredited lenders.|
|Zoo Support Fund||
An animal welfare grant of up to £100,000 for zoos or aquariums affected by coronavirus (COVID-19).
|Complete online registration||Applications for zoos and aquariums are open until 28 May 2021|
|Film & TV Production Restart Scheme
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.
|Read more on the gov.uk website||The registration deadline for this scheme is 23:59 GMT on 30 April 2021, and claims will be able to be submitted up to 23:59 GMT 30 November 2021 for losses incurred up until 23:59 GMT on 30 June 2021.|
|Bank Support||Other private banks are making funds available to small businesses impacted by COVID-19||Contact your banking provider||No update|
|Apprenticeship hiring incentive
Up to £3,000 payments to support employers who hire new apprentices
|This scheme has been extended to September 2021|
|Universal Credit and Employment and Support Allowance||
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.
View more information on claiming Universal Credit
View more information on claiming ESA
Commercial tenants who miss a rent payment will be protected from eviction. This protection will last until the end of June 2021.
|This is an automatic protection for all businesses||The commercial eviction freeze has been extended until 30 June 2021.|