Pixel

A Summary Of Government Coronavirus Assistance

Gary Green
Gary Green
June 10, 2020

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.

Check out our articles on general support for the self-employed and The Self-Employment Income Support Scheme.

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.

Interested in our services?
Fill in your details and a member of our experienced team will be in touch shortly to discuss your needs.
We adhere to strict GDPR rules and do not reveal or sell your data to any third-parties. For more, please read our Privacy Policy.
Latest Insights
March 4, 2022
An Overview of EIS (Enterprise Investment Scheme) - All You Need to Know

There are several benefits for the EIS, or Enterprise Investment Scheme, to make this an interesting...

March 3, 2022
Tax Relief for Angel Investors: Gary Green's Webinar for Stakeholderz

Key Business Consultants' principal Gary Green spoke with Stakeholderz discussing the SEIS & EIS scheme and...

February 23, 2022
What Are EMI Share Schemes? All You Need to Know

If you are considering awarding shares to your employees, an Enterprise Management Incentive is often the...

January 31, 2022
Payments on Leaving Employment: How to Reduce Your Tax Liability

Normally the process for leaving employment is quick and straightforward but this is not always the...

January 17, 2022
HMRC Investigations: What You Need to Know

Discovering that you are being investigated by HMRC can be very stressful, even if you are...

January 14, 2022
Business Transactions - Guide to Planning and Executing Efficiently

There are some transactions in business that are significant and require substantial forward-planning to be a...

January 12, 2022
Why Employee Equity is an Important Issue For Every Business

Being a business leader is about being willing to embrace innovation and be flexible about how...

January 10, 2022
An Employer’s Guide to Settlement Agreements

If you need to terminate the contract of an employee, a properly drafted settlement agreement can...

January 7, 2022
Taxation of Private Company Shares - What Should You Know?

Many companies opt to reward their employees with shares or options because of the manifold benefits...

View Our latest insights »
Get the latest UK tax & business news and guidance delivered straight to your inbox
We care about the protection of your data. No spam. Unsubscribe anytime.
Copyright © 2022 Key Business Consultants LLP. Reg: E&W OC389322
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram