What support is there?
The government has launched an online tool to help businesses find Coronavirus financial support. You may be eligible for loans, tax relief and cash grants; this support finder will help you to see what support is available for you and your business.
Business Rates Holiday for Retail, Hospitality and Leisure
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year. Businesses that received the retail discount in the 2019-20 tax year will be re-billed by their local authority as soon as possible. More information on Business Rates Holiday for Retail, Hospitality and Leisure.
Small Business Grant Fund (SBGF)
The Government is providing additional funding for Local Authorities to support small businesses in England that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
More information on Small Business Grant Funding.
In order to receive your grant, we will need to check your eligibility and obtain details of where to make your payment. Please complete the online covid-19 grant form and we will contact you as soon as possible regarding payment.
Retail, Hospitality and Leisure Grants Fund (RHLGF)
If your business is in the retail, hospitality or leisure sector in England, you will receive a cash grant of up to £25,000 per property. Businesses in these sectors with a rateable value of under £15,000 will receive a grant of £10,000. Businesses with a rateable value of between £15,001 and £51,000 will receive a grant of £25,000.
More information on Cash Grant for Retail, Hospitality and Leisure.
In order to receive your grant, we will need to check your eligibility and obtain details of where to make your payment. Please complete the online covid-19 grant form and we will contact you as soon as possible regarding payment.
Wealden Discretionary Business Grant
Please note that applications for this scheme have now closed as from 5pm 19 June 2020.
Small and micro businesses within the Wealden District who were previously not eligible for the Small Business Grants Fund, or the Retail Hospitality and Leisure Grants Fund, are now able to submit their details to apply for a grant from the Discretionary ‘top-up’ Grant. The Council’s policy for granting this funding, as well as local discretions and national exclusions, and how to apply, can be found on our Covid-19 Discretionary Grant Scheme for Businesses page.
Self-employment Income Support Scheme
This scheme is being extended, and those eligible will be able to claim a second and final grant in August 2020: Self-employment Income Support Scheme.
Find out about the extension to the scheme.
Those eligible to apply will be contacted directly by HMRC. Individuals do not need to contact HMRC now and doing so will only delay the urgent work being undertaken to introduce the scheme.
Bounce-Back Loans for small businesses
Small business owners can now apply to accredited lenders by filling out a simple online form. Businesses will be able to borrow between £2,000 and £50,000, with the cash arriving within days. An affordable flat rate of 2.5% interest will be charged on these loans.
The government will provide lenders with a 100% guarantee and cover the cost of any fees and interest for the borrower for the first 12 months. To enable firms to get back on their feet, no repayments will be due during this period.
Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme is now open for applications. Check if you can claim: Small Business Grant Funding
Claim for wages through the Coronavirus Job Retention Scheme
After a claim has been submitted online it will take six working days for it to be paid – please do not chase up payment with HMRC during this time.
Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’.
5,000 HMRC staff will operate the scheme to reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant. The Coronavirus Job Retention Scheme will cover the cost of wages backdated to March 1st.
Employees should speak to their employers with any questions, not HMRC. They won’t be able to answer queries from individual employees.
Statutory Sick Pay Rebate
The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus. This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of coronavirus.
More information on Statutory Sick Pay Rebate
Covid Innovation Response Fund
Grants of up to £50,000 are available for projects which respond to urgent needs during the Covid-19 pandemic.
VAT Deferral
The Government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months.
More information on VAT Deferral
Income Tax Deferral for the Self-Employed
If you are self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
More information on Income Tax Deferral for the Self-Employed
Time to Pay
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
More information on Time to Pay
Coronavirus Business Interruption Loan Scheme
This scheme will help businesses affected by coronavirus to access bank lending and overdrafts if they need to. For loans up to £5 million, the Government is providing a guarantee of 80% for each loan. This will give lenders the confidence to continue to provide finance to businesses. The Government will not charge businesses or banks for this guarantee.
More information on Coronavirus Business Interruption Loan Scheme
Covid-19 Corporate Financing Facility
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. It will also support corporate finance markets overall and ease the supply of credit to all firms.
The scheme will be funded by central bank reserves – in line with other Bank of England market operations. It will operate for at least 12 months, and for as long as steps are needed to relieve cash flow pressures on firms that make a material contribution to the UK economy. More information on Covid-19 Corporate Financing Facility
Future Fund
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. It will launch in May 2020. More information on the government Future Fund
Support for sports clubs
Sport England has announced a grants package for the sports sector
Support for arts organisations
The Arts Council has made grant funding available for arts organisations and individual artists
Open4Business can also help local companies source grant funding.
Business Rates Holiday for Nurseries
Nurseries in England do not have to pay business rates for the 2020-21 tax year. More information on Business Rates Holiday for Nurseries.
Fisheries Response Fund
Set up to support fixed business costs of English fishing vessels. Check eligibility and full details: Fisheries Response Fund (FRF)
Domestic Seafood Supply Scheme
Aimed at businesses that operate a seafood supply business and have suffered a downturn in their business due to the coronavirus. Check eligibility and full details: Domestic Seafood Supply Scheme (DSSS)
Support for Zoos and Aquariums
If you run a licensed zoo or aquarium in England and are experiencing severe financial difficulties because of lost revenue, you can apply for a grant of up to £100,000.
How much you get will be based on your animals’ needs. Find out more and apply for Zoos Support Funding
Dairy Hardship Fund
A new fund will enable eligible dairy farmers in England to access up to £10,000 each to help them overcome the impact of the coronavirus outbreak. Details of how to apply for this fund are yet to be published. Find out more about the Dairy Hardship Fund.