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Covid-19: Government support resources

by Anna Lane

Understandably the coronavirus outbreak is unsettling for many businesses. The UK government has announced many loans, grants, tax relief and wage support to help businesses through this pandemic. 

With the constant changes and updates, it is difficult to know which resources are current and relevant. We have therefore provided an outline of what has been announced so far and links to resources we think are the most credible and helpful.

man with arms to the sky

What has been announced so far? 

The chancellor has set out a package to support public services, people and businesses through this period of disruption caused by COVID-19.

This includes a package of measures to support businesses including:

  • A Coronavirus Job Retention Scheme 
  • Deferring VAT and Income Tax payments
  • 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 businesses grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief
  • Grant funding a £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

man staring at screen

How do I find more information?

Resources 

GOV. UK

Firstly, we would recommend the governments website. This website is constantly updated with the new measures instilled by the government. It covers a wide range of business sectors and describes clearly the eligibility requirements. 

iwoca  

Another page we would also recommend reading is ‘ How to access business finance during the coronavirus crisis’ on the iwoca website.  They are a company that specialises in helping the finance of small businesses. In the following article, you will find what new government finance is available, what new measures are live already and also a helpful insight into what new measures are coming soon to help your business through the coronavirus crisis.  

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While we cannot provide any direct advice on government schemes, or financially in general, we are here to offer guidance on everything from marketing, technology, and potential revenue opportunities.

As always, we're here to help. Do get in touch if you have thoughts to share or questions to ask.

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