Other Financial Support for Businesses
|
Measure |
Description |
Mechanism |
Update (13.1.2022) |
|---|---|---|---|
|
Recovery Loan Scheme |
The Recovery Loan Scheme provides continued access to finance, providing support to recover and grow. Once received, the finance can be used for any legitimate business purpose. Term loans and overdrafts are available between £25,001 and £10 million per business. Invoice finance and asset finance is available between £1,000 and £10 million per business. |
Extended until 30 June 2022. For offers made after 1 January 2022 there will be changes including the eligibility criteria and the maximum amount of finance available. |
|
|
Statutory Sick Pay |
Employers with fewer than 250 employees will be able to claim the costs for up to two weeks of SSP per employee that has to take time off because of COVID-19. |
This scheme will be reintroduced from mid-January 2022. Further guidance will be available on the HMRC webpages as soon as possible. |
|
|
Reduced VAT for tourism and hospitality sectors |
The VAT rate for the tourism and hospitality sectors has been set at 12.5% between 1 October 2021 to 31 March 2022 |
No update |
|
|
Emergency Resource Support Fund (Culture Recovery Fund) |
This fund aims to provide emergency funding awards to the cultural, heritage and creative sectors. The Culture Recovery Fund is being administered by Arts Council England, the National Lottery Heritage Fund and the British Film Institute. |
Read more on the Arts Council England website |
Applications are subject to ‘permission to apply’ being granted. The deadline for a permission to apply request is 12pm (midday) on 18 January 2022. |
|
Apprenticeship hiring incentive |
The payment can be spent on anything to support your organisation’s costs. For example, on uniforms, your apprentice’s travel or their salary. The payment is in addition to the existing £1,000 an employer will already get for taking on an apprentice |
Applications open on 11 January 2022 and close on 15 May 2022. To receive the payment, you must submit an application using your Apprenticeship service account after 11 January 2022. |
|
|
Future Fund: Breakthrough |
This programme makes equity co-investments with private sector investors in growth stage R&D-intensive British companies operating in breakthrough technology sectors. The minimum total investment round size is £30m. The maximum Future Fund: Breakthrough share of an investment round is 30%. |
No update |
|
|
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. |
No update |
|
|
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. |
The registration deadline for this scheme is now 23:59 GMT on 30 April 2022, and claims will be able to be submitted up to 23:59 GMT on 30 September 2022 for losses incurred up until 23:59 GMT on 30 June 2022. |
|
|
Bank Support |
Other private banks are making funds available to small businesses impacted by COVID-19 |
Contact your banking provider |
No update |
|
Eviction freeze |
Commercial tenants who miss a rent payment are protected from eviction. This protection will last until 25 March 2022. |
This is an automatic protection for all businesses |
The commercial eviction freeze has been extended until 25 March 2022. |
|
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 or visit the government website |
No update |
|
Universal Credit and Employment and Support Allowance |
If you’re getting less work or no work because of coronavirus (COVID-19), you can 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
|
No update |
| Kickstart scheme |
The Kickstart Scheme provided funding to employers to create jobs for 16 to 24 year olds on Universal Credit. Further funding is available for training and support so that young people on the scheme can get a job in the future. |
Find out more about the scheme from Kent Invicta Chamber of Commerce |
Applications for this scheme are now closed. |
|
Self-Employment Income Support Scheme Grant Extension |
The Self-Employment Income Support Scheme Grant Extension provided support to the self-employed. This scheme is now closed. |
This scheme is now closed. You can read more on the government website |
This scheme is now closed |
|
Job Retention Scheme |
HMRC provided grants to business to cover the wages of people on furlough or flexible furlough. This scheme is now closed. |
This scheme is now closed. You can read more on the government website |
This scheme is now closed. |
