What assist does the federal government supply for coronavirus corporations?

Originally written by Anna Jordan about Small Business

After nearly a year of lockdowns and restrictions, coronavirus business support is still desperately needed by businesses across the UK.

We have compiled a list of government aid, past and present, to keep you informed of the information available.

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These financing and support options are currently open. For more information, see the links in the headings.

The deadlines are also listed below.

Grant additional restrictions

  • Available to businesses that are not covered by other grant programs or that require additional funding.

Deadline: Constantly

Bounce back loan program

  • Loans between £ 2,000 and £ 50,000, up to 25 percent of sales
  • The government guarantees 100 percent of the loan with no fees or interest for the first 12 months. After 12 months, the interest rate is 2.5 percent per year
  • Businesses can now request a top-up if they did not originally borrow the full amount available

Deadline: March 31, 2021

> See Also: Microbusiness £ 50,000 Bounce Back Loans – How They Work

Business rates vacation

  • Retail, hospitality and leisure businesses in England are not required to pay business rates for the 2020-2021 tax year.

Deadline: April 6, 2021

Commercial eviction ban

  • Landlords are banned from running lawn businesses until the end of March 2021 if they have difficulty paying rent

Deadline: March 31, 2021

> See also: Landlords have blocked evacuation from small businesses for another three months

Coronavirus Business Interruption Loan Scheme (CBILS)

  • Provides access to loans of up to £ 5 million
  • 80 percent of the loan is guaranteed by the government.
    The government pays interest and fees for the first 12 months
  • Available to businesses with annual sales up to £ 45 million

Deadline: March 31, 2021

> See also: How do I apply for a Coronavirus Business Interruption Loan?

Coronavirus Job Retention Scheme

  • Eighty percent of the employee's monthly salary is covered for hours not worked up to a maximum of £ 2,500
  • Employees don't have to be on full-time leave to qualify. Employers have the flexibility to use the system for workers for any length of time or shift pattern, with workers being either full-time or part-time leave
  • No employer contribution for hours not worked, employers only have to cover social security and employer pension contributions

Deadline: April 30, 2021

Extension of the corporate tax return

  • You can request a three month corporate income tax extension up to the deadline for submitting your accounts as long as your deadline is between June 27, 2020 and April 5, 2021, inclusive.

Deadline: You must apply for renewal before your normal registration deadline

Future Fund

  • Convertible bonds between £ 125,000 and £ 5 million are offered to innovative companies facing funding difficulties

Deadline: January 31, 2021

Kickstart Scheme Grant

  • Provides funding for new job creation on universal loans for 16 to 24 year olds at risk of long term unemployment
  • Funding covers 100 percent of the national minimum wage (or national living wage depending on the age of the participant) for 25 hours per week for a total of six months
  • Also covers social security contributions
  • The threshold of at least 30 job offers will be lifted from February 3, 2021
  • Employers can extend the job placement start date until the end of December 2021

Deadline: No information

VAT deferral for the self-employed

  • If you've deferred your VAT payments, you'll need to choose to spread your costs over the 2021/22 tax year. Details will be announced
  • However, if you can pay your sales tax by March this year, then you should

Deadline: No information

Self-employed income support system

  • The third round of SEISS is coming to an end and the fourth is still to be announced. It will cover February-April 2021
  • The November through January grant was calculated at 80 percent of the average monthly trading profit of three months, paid in a single installment and capped at £ 7,500

Deadline: Third round grant – January 29, 2021
The fourth round will be announced

Statutory reimbursement of sick pay

  • Companies with fewer than 250 employees can apply for a full refund for employees on statutory sick leave due to Covid-19
  • You must have set up PAYE in your company by February 28, 2020

Deadline: Constantly

> See also: Coronavirus Government Statutory Sick Pay Discount Scheme – How to Apply

Time to pay the coronavirus hotline

  • HMRC's Time to Pay hotline is available to business owners struggling to pay their outstanding tax bills due to Covid-19
  • You can call the hotline 0800 024 1222

Deadline: Constantly

Top-up grant for retail, hospitality and leisure

  • Additional funds were made available for the weak retail, hospitality and leisure industries as a one-off top-up grant
  • The grant is still available to evaluable companies:
    – Small businesses of £ 15,000 or less will receive £ 4,000
    – Medium-sized companies with a pro rata value between £ 15,000 and £ 51,000 will receive £ 6,000
  • Apply through your community's website
  • £ 594 million has also been given to the councils to distribute at their own discretion

Deadline: No information

Government assistance to Scotland, Wales and Northern Ireland

Scotland

Grant temporary closure

  • If your business needs to close, you may be eligible for a temporary closure grant in one of the following categories every four weeks:
    – £ 2,000 if your business premises are prorated up to and including £ 51,000
    – £ 3,000 if your business premises have a proportionate value of £ 51,001 or more
  • A maximum total of £ 15,000 over a four week period applies to all Eligible Businesses operating multiple premises
  • Effective January 1, 2021, there will no longer be an upper limit of £ 15,000 for Eligible Businesses operating multiple premises.

Deadline: No information

Sector funds are available on the Scottish Government website

Wales

Restrictions on topping up the corporate fund

The Restrictions Business Fund Non-Domestic Rates (NDR) and Discretionary Grants for Non-Essential Sectors Retail, Hospitality, Leisure and Tourism (NERHLT) have been expanded to provide a one-time top-up payment for the period between January 25 and the end of March 2021 for businesses, that are affected by national restrictions.

Companies that are eligible for the Extended Restrictions Business Fund receive the following top-up:

  • NERHLT companies receiving Small Business Rate Relief (SBRR) with a pro-rata value of £ 12,000 or less are eligible for an additional payment of £ 3,000. Supply chain companies that qualify for SBRR are also eligible for this assistance if they experience a drop in sales of more than 40 percent during the lockdown period
  • NERHLT companies with a pro rata value between £ 12,001 and £ 51,000 are also eligible for a payment of £ 5,000 if they are affected by the restrictions. Supply chain companies in the same assessable value class are also entitled to this support if they experience a decline in sales of more than 40 percent during the lockout period.
  • NERHLT companies with a pro rata value between £ 51,001 and £ 500,000 are also eligible for a payment of £ 5,000 if they are affected by the restrictions. Supply chain companies in the same assessable value class are also entitled to this support if they experience a decline in sales of more than 40 percent during the lockout period

Deadline: No information

Local discretionary grant

  • In order to support companies that are not registered on the NDR register and have a turnover of less than £ 50,000, a further phase of the Local Discretionary Fund of £ 20 million has been approved, consisting of an application and payment in the second Round a grant of £ 2,000 granted
  • Companies must apply to their local government agency to receive the fund

Deadline: Applications will be processed according to availability.

Other specialty funds can be accessed through the Welsh Government website.

Northern Ireland

Localized Restrictions Support Scheme

To access the Localized Restrictions Support Scheme, the company must operate out of property in Northern Ireland and fall into at least one of the following categories:

  • It has been registered with the community's environmental health department or is in the process of registering as a business in any of the following categories: cafe, restaurant, hotel, guest house (including registered bed and breakfast), or pub
  • It functions as a camping site or caravan park for caravans, cinema, museum, gallery, bingo hall, amusement park, indoor game room, indoor visitor attraction, trampoline park, inflatable park, escape room, a bowling alley or ice rink; or close contact services operated from business premises (as described in the health regulations), such as hairdressers and hairdressers, beauty salons, day spas, nail bars and tattoo parlors
  • It is a company that has had to close or whose business activities on its premises have been restricted directly by health regulations
  • The shop must also have been open to the public and trade at the beginning of the embargo period set by the health protection restrictions (unless the business making the application is a wet bar, in which only drinks are served).

Deadline: No information

Covid Restrictions Business Support Scheme

The Covid Restrictions Business Support Scheme supports companies that meet the following criteria:

The business is:

  • Restricted under Health (Coronavirus, Restrictions) Regulations (No. 2) (Northern Ireland) 2020, but not eligible for the Localized Restrictions Support Scheme (LRSS).

Or the company meets all of the following requirements:

  • Is restricted within the supply chain of companies by the regulations and has been significantly affected as a result
  • Operates in Northern Ireland and was trading immediately prior to October 16, 2020
  • Is not included in the scope of the funds already allocated to the executive departments to respond to Covid restrictions

Deadline: No information

New independent support To plan

The Newly Self-Employed Support Scheme (NSESS) offers newly self-employed individuals (sole proprietorships and those in partnership) who meet the eligibility criteria a one-time taxable grant of £ 3,500.

Deadline: Friday, February 5, 2021, 6 p.m.

Inactive

The funds listed below are no longer active. They were either temporary or, as in the case of the Job Support Scheme, could return in some other form.

Job Support Scheme

The job support program was originally scheduled to start in November 2020, but has been postponed due to extended bans and tier restrictions.

The aim was to replace the holiday program that was extended to the end of April 2021. The aim was a six-month program to protect "viable" jobs in companies that had lost demand due to the pandemic.

The idea was that employers would pay the staff for the hours worked and the hours not worked would be shared between the employer, the government and the workers' wage cut.

Fund for discretionary grants from local authorities

Additional money was sent to the local authorities in England to be distributed to companies that were not eligible for the prorated value-add. This was decided by the councils and the fund was only available for a limited time.

Grant to support local restrictions (open and closed businesses)

Like the rest of the UK, businesses in England were able to access additional funding when restrictions forced them to close. The grant is aimed at evaluable companies which, at the discretion of the council, may not have received funding.

There was a similar system for companies that remained open but were affected by the restrictions.

Applies to:

ERF Restrictions Business Fund (Wales)

ERF Restrictions Discretionary Grants (Wales)

The Covid-19 Restrictions Fund (Scotland)

Small Business Grant Fund

This was the first grant announced by the government in March 2020. Companies across the UK resident in assessable properties were eligible for a grant of £ 10,000. This grant is closed to new applications.

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What support does the government offer for coronavirus companies?

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