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.
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.
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.
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.
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
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:
- Extended deadline for filing company accounts
- Suspension of wrongful trading rules
- Changes to evictions for businesses that miss rent payments:
- Changes to rules for businesses with property:
Follow the latest news about the government’s support measures for small businesses during the panedemic on the FreeAgent blog.