Coronavirus Business Interruption Loan Scheme

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.

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.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Get in touch with Bolton Business Finance for support with applying for the scheme by contacting us here.