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The government has offered a generous amount of coronavirus assistance to UK employees and businesses. In fact, it can be hard to stay on top of it all.
In today's article, we'll summarise the coronavirus assistance that you might be able to access. For more detail, check out the links on the article, or have a browse on our article archive.
Coronavirus Bounce Back Loan
You can access a 6 year loan from the government. You don't have to start repayments for a year. And you can borrow up to £50k.
For more information, check out the HMRC page.
Coronavirus Business Interruption Loan Scheme
This scheme allows you to access finance of up to £5m from a number of accredited lenders. It might be a great option if you are struggling with cash flow.
We have a whole article explaining the scheme and how to apply.
Coronavirus Large Business Interruption Loan Scheme
If you run a larger business (group turnover of more than £45m), you should consider this scheme. You can borrow up to £200m with very favourable repayment terms.
If this applies to you, check out the documentation from the British Business Bank.
COVID Corporate Financing Facility
If your business is struggling, the government can buy your short-term debt. It's a good option if you have short-term liabilities that you can't finance.
The government page on the facility explains how to check you eligibility and apply.
Innovate UK Innovation Loans
If you run an SME that is currently involved in "late-stage innovation projects" you may qualify for a loan. You can use the money for planning, testing or production.
You can borrow up to £1m for up to ten years. Check out the HMRC guidance for all the details.
Coronavirus Job Retention Scheme
This scheme, also known as "furlough" allows you to keep staff on the payroll rather than laying them off. We have a huge number of articles on the website with everything you need to know:
Furlough - Legal Considerations
What Are The Alternatives To Furlough?
Furlough Clarifications: Holiday, Maternity Leave & SSP
Furlough: The Small Print
Rules For Staff On Furlough
Frequently Asked Questions About Furlough
How To Manage The Furlough Process
What Happens At The End Of Furlough?
I've Just Been Put On Furlough
How Do You Furlough Employees?
More Detail On Furlough Payments
COVID Self-Employment Income Support Scheme
After criticism that coronavirus assistance favoured employees, the government introduced help for the self employed.
Other Support Options
If none of the above apply, there are a few more options for business support. You may qualify for a Business Support Grant, especially if you are in the retail, hospitality or leisure sectors.
If you'd like some advice on how to access the coronavirus assistance, please get in touch.