In the light of the recent restrictions we have created a summary of the financial support available for small and medium sized businesses from government and local authorities:
1. Government financial support for businesses
An overview of all the government financial support for businesses that can be found here.
As well as the furlough scheme and grants (see below) this also includes details of the loan schemes that are available
- Loans for Small and Medium sized businesses
- Coronavirus Business Interruption Loan Scheme: The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19). https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
- Coronavirus Bounce Back Loan: The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
2. The job retention (furlough scheme)
The furlough scheme has been extended for a month with employees, see details here. This mirrors August levels.
- The government will pay 80% of wages up to a cap of £2,500
- Employers will pay employer National Insurance Contributions (NICs) and pension contributions only for the hours the employee does not work.
- Flexible furloughing is allowed in addition to full-time furloughing.
- For details on which employees can be put on the scheme, click here.
3. Grants for businesses
There are a new range of grants that are being outlined currently. Latest info on eligibility is here, but is in the process of being updated so regularly re-check to stay informed.
Business premises forced to close in England are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant.
- For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks.
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks.
- For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
4. Local council business support
Local councils are responsible for local grants and also have discretionary funding. For example, here are details of business support for the borough of Hammersmith & Fulham.
- The council’s general information page is here, and direct enquiries can be made to their email for business support (Businessemail@example.com)
- Information on financial and other support for businesses is here and will be updated with the information on local grants when released.
Check out your local council’s general information page to see if you are eligible for business support.