Support on offer to aid your business

Here are some examples of the support available for businesses and workers.

The Coronavirus Job Retention Scheme has enabled businesses to put employees on a period of temporary leave (furlough) and apply for a UK Government grant to cover 80 per cent of those workers’ usual monthly wage costs, up to £2,500 a month.

The Self-employment Income Support Scheme will allow eligible selfemployed individuals to claim a taxable grant of 80 per cent of their average monthly profits, up to £7,500.

UK Vat-registered firms have been given the option to defer VAT payments until the end of June. There will be no interest or penalties on any amount deferred.

The UK Government’s Bounce Back Loans Scheme provides loans of up to £50,000 to small businesses, with a 100 per cent government-backed guarantee for lenders.

Commercial tenants who cannot pay their rent because of coronavirus will be protected from eviction.

The Coronavirus Business Interruption Loan Scheme is available for loans or finance of up to £5m. The UK Government will provide the lender with an 80 per cent guarantee to support the lending.

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of Statutory Sick Pay they pay current or former employees for sickness starting on or after March 13, 2020.

The Future Fund will issue loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.