Government grants and schemes to help small businesses during the coronavirus (Covid-19) crisis

Wondering what financial support you can claim to help your business through the coronavirus (Covid-19) crisis? In this guide you’ll find a handy list of the main grants and schemes that the government has introduced to help UK businesses and self-employed workers.

Self-Employment Income Support Scheme

The Self-Employment Income Support Scheme is a temporary initiative that aims to provide financial support to self-employed people whose businesses are affected by the coronavirus (Covid-19) crisis.

Read more about the Self-Employed Income Support Scheme.

The Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme is a temporary measure that aims to help UK businesses access bank loans, overdrafts, invoice finance and asset finance during the coronavirus (Covid-19) crisis.

Read more about the Coronavirus Business Interruption Loan Scheme.

The Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (also known as the ‘furlough’ scheme) is a temporary initiative that allows employers to access financial support to pay part of their employees’ wages. The government introduced the initiative in March 2020 to enable employers to retain employees who they may otherwise have been forced to lay off during the coronavirus (Covid-19) crisis.

Read more about the Coronavirus Job Retention Scheme.

The Bounce Back Loan Scheme

The Bounce Back Loan Scheme is an initiative designed to help small and medium-sized businesses affected by the coronavirus (Covid-19) crisis to secure loans of up to £50,000.

Read more about the Bounce Back Loan Scheme.

The Coronavirus Statutory Sick Pay Rebate Scheme

The Coronavirus Statutory Sick Pay Rebate Scheme is an initiative designed to repay employers the Statutory Sick Pay (SSP) paid to current or former employees as a result of coronavirus (Covid-19).

Read more about the Coronavirus Statutory Sick Pay Rebate Scheme.

Time To Pay

Time To Pay is a service that allows businesses or individuals to agree an alternative payment plan with HMRC if they are having difficulty paying a tax bill.

If a business cannot pay a tax bill as a result of the coronavirus (Covid-19) crisis it may be able to defer payment, depending on the type of tax bill in question. Businesses can

Read more about HMRC’s Time to Pay service.

Changes to existing rules for self-employed business owners

The government has also amended a few existing rules temporarily in order to provide support to self-employed business owners. Click through to read more about these temporary rule changes on HMRC’s website:

Follow the latest news about the government’s support measures for small businesses during the panedemic on the FreeAgent blog.

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