Restart & Recovery: Government Support

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The COVID-19 outbreak has presented businesses in Worcestershire with many challenges, leaving business with concerns regarding cash flow, finances, supply chain issues, and staffing problems.

The government has offered a suite of support and funding to help businesses through the pandemic. This page compiles information on all the support provided by government and other sources. Please revisit the page as it will be updated as information is released.

 

Please scroll or click below to navigate to the required element of support.

FINANCE

Coronavirus Business Interruption Loan Scheme

Further information

The Coronavirus Business Interruption scheme supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years.

All businesses with a turnover over £45 million can apply for £25m of finance, and businesses with a turnover of over £250m can apply for £50m.

Find out more

Coronavirus Job Retention Scheme

Further information

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

HMRC have produced this step by step guidance on how to make a claim.

The government have also created a calculator to help you work out the figures to make your clam.

To start your Coronavirus Job Retention Scheme claim, please click here.

Find out more

Coronavirus Bounce Back Loan Scheme

Further information

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

 

Find out more

Coronavirus Large Business Interruption Loan Scheme

Further information

The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.

The government guarantees 80% of the finance to the lender.

Find out more

Covid-19 Corporate Financing Facility

Further Information

The new Covid-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies. This will support companies which are fundamentally strong, but have been affected by a short-term funding squeeze.

Find out more

Future Fund

Further Information

This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

 

Find out more

LOCAL BUSINESS SUPPORT

Several elements of business support can be accessed through your local district councils. 

These include: 

  • Cash Grant for Retail, Hospitality and Leisure
  • Small Business Rates Relief (SBRR)
  • Business Rates Relief
  • Business Rates Relief for Retail, Hospitality and Leisure
  • Small Business Distrectionary Grants

SELF-EMPLOYED AND SOLE TRADERS

Claim a grant through the Self-employment Income Support Scheme.

Self-employment and Universal Credit.

Guidance if you cannot pay your tax bill on time.

Negotiate a mortgage payment holiday.

STAFFING AND TAX 

Statutory Sick Pay

For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full.  

VAT Deferral

The government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months.

Deferral of Self-Assessment

The Self-Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020, may now be deferred until January 2021. 

Using Furlough

Employers might need to put some or all of their employees on furlough. The ACAS website has step-by-step information on using and ending the furlough scheme. 

ACAS

Visit the ACAS website to find out information and advice for employers and employees around coronavirus and details of webinars.

Time to Pay

A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities. If you are concerned about being able to pay your tax, call HMRC’s dedicated helpline on 0800 024 1222.

ADDITIONAL SUPPORT

Department for International Trade

This guidance is for UK businesses that export or deliver goods and services abroad and have been impacted by the spread of coronavirus (COVID-19).

The Prince’s Trust Enterprise Relief Fund

The £5million Enterprise Relief Fund will offer grants to 18 to 30-year olds who are self-employed and/or running their own business.

DIGITAL BOOST

A free volunteering platform uniting leaders of small

businesses and charities with digital experts. If you are a small business or charity and want free, expert support, sign up at the link below.

COMPANIES HOUSE

Companies House has robust plans in place to maintain services for customers and protect the welfare of employees during the Coronavirus (COVID-19) outbreak.

UKRI

Proposals are invited for short-term projects addressing and mitigating the health, social, economic, cultural and environmental impacts of the COVID-19 outbreak..

 

CYBER CRIME

Protect yourself and your business from fraud and cyber crime. The government has provided simple steps you can take to protect yourself and your business.

CORONAVIRUS SUPPORT FOR BUSINESS FROM OUTSIDE GOVERNMENT

Public bodies, organisations and charities have produced additional resources that may be useful to employers and employees.

LATEST NEWS UPDATES

Here2Help Business – Worcestershire County Council

Here2Help Business – Worcestershire County Council

Launched in July 2020 in response to COVID-19, the Here2Help Business Programme offers a diverse and comprehensive programme of financial and non-financial support to assist established Worcestershire businesses to develop, advance and build future resilience.

read more

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