The financial support that IS available for your business
DO NOT miss out on financial support – check www.gov.uk/coronavirus/business-support to see what is available. Be aware that regional variations apply.
1. One-off top up grant for leisure, hospitality and retail businesses
THIS is granted to closed businesses and based on its premise’s rateable value. Grants are £4,000, £6,000 or £9,000.
There is also a £594 million discretionary fund for other businesses affected by lockdown.
Applications should be made through the local council.
2. Seiss
THE Self-Employed Income Support Scheme has been extended to cover the periods November 2020 to January 2021 and a second payment covering February to April next year. The first payment covers 80 per cent of average monthly trading profits or £7,500 (whichever is lower). Claims for the November to February grant must be made by January 29.
3. Cbils
SMALL businesses and sole traders with annual turnover of less than £45 million can apply to the Coronavirus Business Interruption Loan Scheme for sums of up to £5 million. The scheme is open until the end of March this year and you need to show that your usually viable business has been hit by coronavirus.
4. Deferred VAT
IF YOU had a VAT payment due between March 20 and June 30, 2020, you can defer payment until the end of March this year, or opt into the new VAT deferral scheme when it is launched.
5. Coronavirus Bounce Back Loan
YOU might be able to borrow between £2,000 and £50,000 if you are a small business or selfemployed. The scheme is open until March 31.
6. Local Restrictions Support Grant
BUSINESSES that were open as usual and then required to close due to local tier restrictions might be able to get a cash grant from their local council based on the rateable value of their property. It is available for every 14-day period a business was closed. Businesses that stayed open but were severely affected may also be eligible.
7. Additional Restrictions Grant
AVAILABLE to supply chain and events businesses closed or affected adversely by lockdown. Details can be found via local councils.
8. Business rates relief
BUSINESSES in the retail, hospitality and leisure sectors in England do not have to pay business rates for the tax year ending April 5, 2021.