Coronavirus: UK Government SME support

coronavirus advice for SMEs

UK small business support against the effects of Coronavirus (COVID-19)

Small business owners are all under threat from the potential impacts of the Coronavirus. We know that many of you are struggling to come to terms with implications on staff, supplies, sales and finances, so this Get Consultants update should provide you with some initial help.

UK government support is changing rapidly so most of the information below has web links that go to content that will be regularly updated, as the situation with the COVID 19 outbreak develops.

  • Business support campaign – designed to help all UK businesses to meet the unprecedented challenge the country is facing in dealing with coronavirus – Find out the five steps you should take today
  • Coronavirus Job Retention Scheme – furlough support for PAYE employees where HMRC reimburses 80% of their wages, up to £2,500 per month, to safeguard workers from being made redundant. Can be backdated to March 1st – more here
  • Self-employed income support – direct cash grant of up to 80% of 3 years’ profits (max £2,500 per month for 3 months) – more here
  • Statutory Sick Pay (SSP) £94.25 per week – relief package for businesses with under 250 and self-employed staff – more here
  • 12-month business rates holiday – all retail, hospitality & leisure businesses, including nurseries – more here
  • Business financial protection – Government protection banning commercial evictions and missed rent payments – more here
  • Small business grant funding of £10,000 – all businesses in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief (RRR). No need to apply as it is allocated to eligible businesses – more here
  • Grant funding of £25,000 – retail, hospitality and leisure businesses with property with a rateable value £15,000 to £51,000 – more here
  • Coast to Capital Backing Business Fund – £5k to £25k grants for SME business and social enterprises 5 to 50 staff – more on £2m fund
  • Coronavirus Business Interruption Loan Scheme – help for business with bank finance of up to £5m. Also guarantees 80% off overdrafts, invoice finance and asset finance to improve cash flow without taking on additional debt, with a government backed guarantee secured by invoices or assets. Sole traders and freelancers are also eligible if more than 50% of your turnover is from trading activity – more here
  • Time to pay tax – businesses and self-employed people in financial distress with outstanding tax liabilities could receive support with tax affairs via HMRC Time To Pay service – more here
  • VAT deferral – options for all businesses to defer their VAT payments for 3 months – more here
  • Broadband – all major broadband providers have agreed to remove all data allowance caps on all fixed broadband services – more here

Self-isolation guidance:

  1. Staying at home is the safest option
  2. Only go outside for essential food or health reasons
  3. Only go to work if you are permitted to and can’t work from home
  4. Stay 2 metres (6 feet) away from all other people at all times
  5. Wash your hands thoroughly as soon as you get home

Note: you CAN spread the virus even if you don’t have symptoms!

Email alerts: UK government Coronavirus response – sign up here