Grants, loans and support
- Links to GOV.UK guidance
- Self employed
- Advice and guidance available locally
Links to GOV.UK guidance
- A full list of financial support available here
- Statutory sick pay relief package for SMEs
- 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- Coronavirus Job Retention Scheme
- Coronavirus Business Interruption Loan Scheme to support long term viable businesses who may need to respond to cash-flow pressures by seeking additional finance
- Help and support if your business is affected by coronavirus contains videos and free webinars, produced by the government, to learn about the support available
The government has announced a discretionary fund aimed at small businesses with ongoing fixed property-related costs. Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
The Sustainable Innovation Fund ,which will help companies recovering from the impact of coronavirus by supporting projects with costs between £100,000 and £500,000, closes at the end of September 2020
Job Retention Scheme
From 1 September, the government will pay 70 per cent of wages up to a maximum cap of £2,187.50 for the hours the employee is on furlough.
Employers will top up employees’ wages to ensure they receive 80 per cent (up to £2,500). The caps are proportional to the hours not worked. You can read more information about the changes.
The scheme closes on 31 October 2020.
Job Retention Bonus
Employers looking to create job placements for young people could apply for funding as part of the Kickstart Scheme.
The scheme can be used to create new 6 month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment. The job placements should support them to develop the skills and experience they need to find work after completing the scheme.
Small businesses can benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.
The scheme provides the lender with a government-backed guarantee against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
Relief and further help
- have coronavirus (COVID-19) symptoms;
- cannot work because they are self-isolating because someone they live with has symptoms; or
- are shielding and have a letter from the NHS or a GP telling them to stay at home for at least 12 weeks
- they are self-isolating because they’ve been notified by the NHS or public health bodies that they’ve come into contact with someone with coronavirus
Commercial tenants who cannot pay their rent because of coronavirus will be protected from eviction and measures in place to support ongoing conversations between landlords and tenants about voluntary arrangements.
Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.
Tax cuts and deferrals
- Valued Added Tax (VAT) payments can be deferred for 3 months.
- Income Tax payments due in July 2020 under the Self-Assessment system may be deferred until January 2021.
- An extension of the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021.
- Businesses who deferred their VAT bills will provide the option to pay back in smaller instalments through the New Payment Scheme.
- An additional 12-month extension from HMRC on the Time to Pay self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
- A new Pay as You Grow flexible repayment system, to provide flexibility for firms repaying a Bounce Back Loan.
Information for businesses that export or deliver goods and services abroad and have been impacted by the spread of coronavirus (COVID-19) including:
- DIT support for UK business trading internationally
- financial support for business trading internationally
This scheme supports self-employed (including members of partnerships) who have lost income due to coronavirus (COVID-19).
- VAT: The rate of VAT applied on most tourism and hospitality-related activities will be cut from 20% to 5%
Advice and guidance available locally
The BID’s business support hub has been launched to help Luton town centre businesses manage during the coronavirus crisis.