With the Governments recent announcement I wanted to release a quick update about the Coronavirus Business Interruption Loan Scheme.
Below is a summary of the Governments support measures to help UK businesses deal with the disruption caused by COVID-19 virus pandemic.
Update: 15/06/2021 – The Coronavirus Business Interruption Loan Scheme is now closed for new applications as of 31st March 2021. It has been replaced by the Recovery Loan Scheme.
Support For Businesses Through The Coronavirus Business Interruption Loan Scheme
Delivered by the British Business Bank, will launch next week to support primarily SME’s to access bank lending and overdrafts. The first 6 months of that finance interest free, the scheme will be available from early week commencing 23 March 2020.
Get in touch with Bolton Business Finance for support with applying for the scheme by contacting us here.
What Other Support Is Available From Government To Deal With The Corona Virus?
Support for businesses who are paying sick pay to employees
Small and medium-sized businesses can reclaim up to 2 weeks Statutory Sick Pay (SSP) paid for absence due to COVID-19
Support for businesses that pay business rates
Business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. A £25,000 grant to retail, hospitality and leisure businesses with a rateable value between £15,000 and £51,000.
Support for businesses that pay little or no business rates
One-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief.
Support for larger firms through the COVID-19 Corporate Financing Facility
This will be done directly with large firms and the Bank of England.
Support For Businesses Paying Tax
Support with their tax affairs through HMRC’s Time To Pay service.
Find Out More
Full details can be found on the governments website below.
Get in touch with Bolton Business Finance for support with applying for the scheme by contacting us here.