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The impact of the Covid-19 outbreak has caused large ripples throughout the global economy, and Britain's small businesses have been left feeling the pinch. As always, we're committed to supporting you, your business, and the wider SME community at this most difficult of times. Below you'll find:
- Expert Advice and Guidance for SMEs
- Government Support
- Grants and Reliefs
- Bank Support
If you have any questions about what we’re doing and how we can help you, please don’t hesitate to get in touch with us – our number is 020 7100 0110, or you can email us at [email protected]
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Business advice
The Government’s advice on coronavirus is changing all the time in line with updates from leading scientists and health professionals. For the most up-to-date advice on the Government’s response visit gov.uk, which also has lots of useful information for businesses and the self-employed:
For advice on self-isolation, identifying symptoms, and how to avoid catching and spreading coronavirus, visit NHS England.
The Federation of Small Businesses (FSB) has an in-depth guide to keeping your business afloat during the pandemic. It covers everything from:
Insurance: Claiming on your business interruption cover and working with your insurer.
HMRC: Including the deferment of tax payments, SSP & Employment Allowance.
Local authority issues: Applying for grants and hardship funds, and the emergency business rate relief for retail, hospitality and leisure businesses.
Financial support: Talking to your bank or lender about finance options, customers about payment, and landlords about rent.
Being an employer brings a unique challenge at this point. The CIPD website provides a full fact sheet, FAQs and actions to take to help manage your employees. It's a helpful resource for both business owners and HR teams. Key advice and resources include:
- Being informed
- How to look after your employees
- Developing flexible resource plans
- Useful contacts
You can visit the CIPD website by clicking the button below.
Government support
This crisis has impacted businesses in all industries all over the world, and needs a co-ordinated and strong response. Since the start of the pandemic, the Government has rolled out a series of measures designed to minimize the impact on UK businesses. The Government has also created a business support tool to help you discover the support available to you and your business.
Jobs Support Scheme
The Jobs Support Scheme (JSS) is a scheme designed to provide support to businesses that are looking to retain employees but are facing reduced demand or have been forced to close due to coronavirus restrictions. It's been expanded to incorporate two schemes - JSS Open and JSS Closed.
JSS Open:
JSS Open covers those businesses that are able to operate safely but are facing a reduction in demand due to coronavirus. Each employee needs to work at least 20% of their normal hours, and the employer must continue to pay them for those hours as per usual.
On top of this, the employee will get 66.67% of their usual pay for the hours not worked, made up of a combination of payments from the Government and the employer. The Government will pay 61.67% of the employee's salary for those not worked (up to £1,541.75 per month) and the employer will pay 5%, up to £125 per month).
The combination of these payments means the employee will continue to receive a minimum of 73% of their usual wages, as long as they earn up to £3,125 per month. Employers will still be eligible for the £1,000 Job Retention Bonus.
JSS Closed:
JSS Closed covers businesses that have been legally required to close due to coronavirus restrictions. Each employee will continue to receive two-thirds of their usual pay. This amount will be paid by the employer and is fully-funded by the Government. This is capped at £2,083.33 per month, but the employer is allowed to top this up themselves at their discretion.
How to apply:
This scheme is scheduled to open when the extended Coronavirus Jobs Retention Scheme ends in April 2021. Further information will be added here in due course.
Statutory Sick Pay relief
Through the Coronavirus Statutory Sick Pay Rebate Scheme, businesses can be refunded up to 2 weeks of Statutory Sick Pay (SSP) per eligible employee.
The key facts:
- Available to SMEs with fewer than 250 employees.
- Employers will need to maintain sickness records, but no GP fit note will need to be provided.
How to apply:
Once you have paid your employees' sick pay, you can claim back online here. Employers who are unable to use the online service should have received a letter about alternative ways to claim, but you can contact HMRC if you are unsure.
Coronavirus Business Interruption Loan Scheme (CBILS) (Closed)
This is a government-back temporary loan scheme for smaller businesses experiencing disruption due to coronavirus, delivered by the British Business Bank in partnership with over 100 accredited lenders.
The key facts:
- This scheme is in place to support smaller businesses that are UK-based with an annual turnover of no more than £45 million.
- The Government will cover the first 12 months of interest payments.
- They will offer a guarantee to lenders of up to 80% of the loan value.
- Borrowers are 100% liable for the repayments and debt.
- Under CBILS the maximum loan value is set to £5 million, available on repayment of up to six years and is subject to affordability.
- There are no arrangement or security fees.
- Loans are limited to a maximum of 25% of 2019 turnover or double the annual wage bill, whichever is greater.
- Lenders can't ask for a personal guarantee for loans under £250,000, but can request this for loans that are over £250,000. This can be up to a maximum of 20% of the outstanding balance and mustn't include the borrower's principle private residence.
- The lender will likely require a number of documents including (but not limited to); MI to end of year 2019, 2017-2018 & 2018-2019 accounts, assets & liabilities, details of latest payroll, and three months' latest business bank statements.
How to apply:
Businesses don't have to fail being approved for a lender's other products before being offered CBILS. This scheme is due to end on 31st March 2021. Businesses will need to apply through an accredited partner via the lender's website. You'll need to let them know how much you'd like to borrow, how long you'd like to pay it back, and what the money is for.
Coronavirus Large Business Interruption Loan Scheme (CLBILS)(Closed)
This is a government-backed temporary loan scheme for medium and larger businesses negatively impacted by Covid-19, delivered by the British Business Bank in partnership with accredited lenders.
The key facts:
- This scheme is in place to support mid-sized and larger businesses that are UK-based with an annual turnover of over £45 million.
- The Government will offer a guarantee to lenders of up to 80% of the outstanding loan value.
- Borrowers are 100% liable for the repayments and debt.
- Medium and large UK businesses will be able to access government-backed loans such as term loans, revolving credit, invoice finance and asset finance through accredited lenders.
- The maximum loan amount available is £200m and the minimum is £50m.
- All CLBILS products must be repaid within three years.
- Personal guarantees can't be taken for loans of under £250,000, but can be taken for loans above this figure. This can be up to a maximum of 20% of the outstanding balance and mustn't include the borrower's principle private residence.
- The lender will likely require a number of documents including (but not limited to); MI to end of year 2019, 2017-2018 & 2018-2019 accounts, assets & liabilities, details of latest payroll, and three months' latest business bank statements.
How to apply:
This scheme is due to end on 31st March 2021. Businesses will need to apply through an accredited partner via the lender's website.
You'll need to let them know how much you'd like to borrow, how long you'd like to pay it back, and what the money is for.
Recovery Loan Scheme
With the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) now closed, the government has announced a new Recovery Loan Scheme to provide further support to businesses.
The key facts:
- Businesses of any size will be able to apply for term loans and overdraft facilities of between £25,000 and £10m once existing loan schemes close.
- Businesses can also apply for invoice and asset finance of between £1,000 and £10 million.
- For loans and asset finance, repayment terms are up to six years. For overdraft and invoice finance, terms will be up to three years.
- The Government will offer an 80% guarantee to lenders.
- The scheme is open to UK businesses who have been impacted by the pandemic, and are not in collective insolvency proceedings.
How to apply:
Businesses can apply via an accredited lender from 6th April 2021 until the end of December 2021. Further details on how to apply and the names of accredited lenders will be announced soon. Find out more information here.
Small Business Grant Fund (Closed)
This was additional funding provided by the Government to local authorities, designed to support small businesses that pay little or no business rates due to small business rate relief (SBRR), rural rate relief (RRR) and tapered relief.
The key facts:
- A one-off grant of £10,000 was made available to eligible businesses to help meet their ongoing business costs.
- Businesses needed to be based in England and occupy property, and to already receive SBRR/RRR.
How to apply:
This scheme has come to an end. Click here to find another support scheme.
Grants for Businesses Forced to Close
Top-up cash grants worth up to £9,000 for retail, hospitality, or leisure businesses forced to close under the latest coronavirus restrictions imposed on 4 January 2021. This funding is on a per-property basis and is likely to affect over 600,000 business properties.
The key facts:
- For properties with a rateable value of £15k or less, you can claim for a grant of up to £4,000.
- For properties with a rateable value from £15k-£51k, you can claim for a grant of up to £6,000.
- For properties with a rateable value of £51k or higher, you can claim for a grant of up to £9,000.
How to apply:
Businesses should apply to their Local Authorities who are administering the grants. In many cases, you will only need to make one application to be considered for the various schemes which are overseen by your local council. You can find out more information here.
Business Rates Holidays
The Government has announced a business rates holiday for all businesses in the retail, hospitality, and leisure sectors, as well as nurseries. This was due to end in March 2021 but has been extended until 30th June 2021.
The key facts:
- Small businesses such as shops, restaurants, cafes, bars, pubs, cinemas, live music venues, gyms, hotels, guest houses and more do not have to pay business rates until the end of June 2021.
- Nurseries will also continue to be exempt from business rates until the end of June 2021. To be eligible, your premises must be on Ofsted's Early Years Register and needs to be wholly or mainly used for the provision of the Early Years Foundation Stage.
- For the rest of the year, closed businesses will be eligible for discounted rates of up to two-thirds, capped at £2 million, with a lower cap for businesses that have remained open.
How to apply:
You don't need to do anything - this will automatically be applied. You can find your local authority here.
Culture Recovery Fund
In July 2020, a £1.57 billion Culture Recovery Fund was implemented to aid the survival of cultural organisations during the Covid-19 pandemic. It was subsequently announced in the 2021 Budget that the scheme will receive a further £400 million. In addition, £325m of support will be available for professional sport and grassroots football.
The key facts:
- The Culture Recovery Fund is distributed through four partners: Arts Council England, the British Film Institute, Historic England, and the National Lottery Heritage Fund.
- The scheme is open to both non-profit and commercial organisations in the cultural sector, which includes activities relating to dance, literature, museums, theatre, and the arts.
- Applications for the second round of funding have now closed, and the funds will be awarded in March 2021.
- The third round of funding will be announced in due course.
- To apply you must be a cultural organisation based in England, have been trading for at least two years, and be registered with the appropriate governing body such as Companies House.
How to apply:
Details on how to apply for the latest round of funding will be published by the Department for Digital, Culture, Media and Sport in due course.
Community Ownership Fund
In March 2021, the government revealed a new £150m Community Ownership Fund as part of its annual budget announcement. The fund is designed to help local communities take over pubs at risk of permanent closure, along with theatres, shops, sports clubs, and other local amenities.
The key details:
- Community groups will be able to bid for matched-funding of up to £250,000 to help them buy local assets that are at risk of closure and run them as a community-owned business.
- In exceptional cases, up to £1m will be available to help buy a sports ground or club that is at risk.
- There will not be a definitive list of eligible assets, but bids should focus on projects that are place-based, are currently at risk, and are essential for community building.
How to apply:
The first bidding round will open in June 2021. At this time, a full bidding prospectus will be published with details on how to structure a strong bid and the assessment criteria.
Restart Grant Scheme
As part of the 2021 Budget, the government announced a new £5bn Restart Grant Scheme designed to help businesses that have been forced to close by Covid-19 restrictions.
The key facts
- The scheme will open in April and is set to run until 21st June 2021, which is the current deadline for all lockdown restrictions to be lifted in England.
- Non-essential retail businesses, which are due to reopen on 12th April 2021, will be able to claim up to £6,000.
- Businesses due to reopen later, such as pubs, bars, nightclubs, salons, hotels, and gyms can apply for up to £18,000 depending on their rateable value.
- The scheme is open to UK businesses that have been required to close due to lockdown restrictions and pay business rates.
- This will replace the Local Restrictions Support Grants that are currently allocated for closed businesses.
How to apply
The grants will be distributed directly to firms by local authorities from April 2021.
Super Deductions
A new tax "super-deduction" policy was announced in March 2021 as part of the government's investment-led approach to economic recovery. In an effort to revive business investment, companies that purchase new equipment over the next two years will be able to benefit from new capital allowances.
The key facts:
- From April 2021 until March 2023, businesses can receive a 130% super-deduction capital allowance on qualifying plant and machinery investments.
- Investment in assets that qualify for special rate relief will attract a 50% first-year allowance.
- This means that for every £1 a business invests in new equipment, they can save 25p on their tax bill.
- The deduction is available to businesses that pay Corporation Tax, and therefore sole traders or partnerships are not eligible to claim.
- The plant or machinery you're claiming on cannot be second-hand or previously used. Assets that are wholly used within a ring-fence trade are also excluded.
How to apply:
Claims will be deducted from your profits before tax on your tax return.
Additional English Freeports
In the 2021 Budget, Chancellor Rishi Sunak revealed plans to regenerate the economy by helping UK businesses to grow and invest. This included the creation of special economic zones, known as freeports.
The key details:
- Eight English ports are designated to become freeports, making them exempt from normal tax rules and regulations. It will therefore be cheaper and easier to do business in these locations.
- Most of the zones will be around the larger cargo ports, including Felixstowe, Liverpool, Hull, Southampton, and London Gateway. The plans also include Plymouth, Teeside and the area surrounding the East Midlands Airport.
- These areas will benefit from tax breaks including no stamp duty, no business rates for five years, and lower tariffs and customs regulations.
- Employers in these low-tax zones will also pay reduced national insurance for new staff.
How to apply:
The freeport bidding process has now closed, and the selected freeports will begin operations from late 2021.
Time to Pay & VAT Deferments (Closed)
HMRC has set up a dedicated helpline for those struggling to make payment for VAT under their Time to Pay service. HMRC also confirmed that any VAT payments that were due between April and June 2020 could be deferred for all businesses (where required) and repaid in monthly installments until March 2022 at the latest.
The key facts:
- Businesses are assessed on a case-by-case basis.
- Provisions being implemented include installment plans, suspending debt collection proceedings, and cancelling penalties and interest.
- HMRC have confirmed they will not automatically cancel the collection of VAT payments by direct debit. Businesses with a direct debit in place to pay VAT that wish to defer should contact their bank to cancel their direct debit, and then reinstate it once the deferral is over.
- The deferral period ends on 30th June 2020 so businesses must submit VAT returns and pay the VAT in full on payments due after this date.
- If you deferred payments during this time, you can either repay in full by the end of March 2021, or opt into the VAT deferral new payment scheme.
How to apply:
The new payment scheme for deferred VAT is open until 21st June 2021, and you can find out more about how to join the scheme here. Time to Pay arrangements are made directly with HMRC. For more information on problems paying your tax bill on time, contact the HMRC Covid-19 helpline.
Coronavirus Job Retention Scheme
Update: This scheme is due to close at the end of September 2021.
Businesses and organisations are able to apply for a grant from HMRC that will cover the wages of furloughed workers who aren’t able to work temporarily due to reduced business activity or closure.
The key facts:
- The government will currently pay 80% of wages up to a cap of £2,500 per month. Employers will need to continue to pay National Insurance and employer pension contributions (on average, this amounts to around 5% of the total monthly cost of hiring an employee)
- In July 2021, a tiered system will be introduced which will require employers to pay 10% of furloughed workers’ wages. This contribution will increase to 20% in August and September.
- The scheme covers all full-time employees, part-time employees, employees on agency contracts and employees on flexible or zero-hour contracts.
- The employer must have a UK bank account.
- The scheme will cover the salary of any directors also on the PAYE.
- Employers can ask employees to work part-time while on furlough. Employers will be able to claim for the hours not worked through the CJRS. Employers will need to report and claim for a minimum period of a week.
How to apply:
To access the scheme, you need to designate affected employees as ‘furloughed workers,’ and notify employees of this change. You then need to submit information about these employees and their earnings to HMRC. This scheme is due to close in September 2021. You can find out more information here.
Self-Employment Income Support Scheme (SEISS)
Update: The SEISS has been extended. See below for further details.
The Self-Employment Income Support Scheme (SEISS) was launched to support self-employed individuals in the form of grants. The scheme initially offered two grants, the first covering the period of March to May 2020, and the second covering from June to August 2020. The scheme has since been extended to a total of five grants, with the last due to cover from May to September 2021.
The key facts:
- Each grant entails a single lump sum installment.
- The fourth grant covers the period from 1st February 2021 until 30th April 2021. This will be set at 80% of three months’ average trading profits, capped at £7,500.
- A fifth and final grant will be available to cover the period of May to September 2021. Further details are expected in due course, but the fifth grant will be tiered depending on how much your turnover has been reduced in the period from April 2020 to April 2021.
- Eligibility for the scheme is based on your 2019 to 2020 Self Assessment tax return. If you're not eligible based on this, then previous tax years will be considered.
How to apply:
Applicants will need to use the online claims service that will become available at the end of April 2021. If eligible, you'll be contacted by HMRC with a personal claim date, after which you can make your claim. More details are due to be announced, so we recommend checking the SEISS application page frequently.
Changes to insolvency law
The Government has announced a number of permanent and temporary changes to UK insolvency law designed to remove personal liability from directors and help businesses weather the storm of Covid-19.
Some of the temporary measures introduced have been extended. The suspension of wrongful trading measures was initially set to expire on 30th September 2020 but has since been re-introduced until April 2021.
The key facts:
- The temporary suspension of wrongful trading provisions removes the threat of personal liability if a director continues to trade without the certainty that the company can avoid future insolvency. This allows companies to still accept government funding like CBILS even in cases of financial uncertainty.
- The UK's insolvency framework will also be changed to include a new moratorium procedure that gives businesses some breathing space, stopping creditors from enforcing their debts whilst they seek to restructure or rescue.
- In the case of entering into a moratorium, directors remain in control of the company, subject to the supervision of an insolvency practitioner.
- Initially, it wasn't necessary to prove that a moratorium would likely rescue a company, but since October 1st 2020 this requirement has been reinstated.
How to apply:
These changes will apply retrospectively from 1st March 2020. For more information on applying for a moratorium, click here.
Annual Leave Allowance
The Government has introduced a temporary law to deal with any disruption to annual leave entitlement for employees due to coronavirus. This allows employees to carry their annual leave forward if the pandemic has prevented them from taking it.
The key facts:
- Employees can carry over up to 4 weeks of paid holiday over a 2 year period where it is not reasonably possible for an employee to take holiday due to coronavirus.
- This includes those that are self-isolating, those that are furloughed, and those that have to continue to work and couldn't take paid leave.
- Furloughed workers will still accrue holiday during the time they aren't working.
- Employers do not have to agree to carry over any more than the 4 weeks of paid holiday (subject to contractual agreement).
- If employees can't take bank holidays off due to coronavirus, they can use this holiday at a later date. This can be included in the 4 weeks of holiday carried over.
- Employers can ask employees to take holiday due to the workplace shutting. Employers must give employees twice as many days' notice to the number of days they need to take off.
- Holiday cannot be replaced with a payment in lieu unless the worker is leaving employment.
How to apply:
You don't need to apply to the Government for these changes, as they should be implemented by your employer. You can find out more information here.
Coronavirus Future Fund (Closed)
Update: This scheme closed for applications at the end of January 2021.
The Future Fund was established to support UK startup businesses during the pandemic. The UK government pledged £500 million match funding to aid such businesses that were unable to access other government-backed schemes because they're either pre-revenue or pre-profit.
The key facts:
- The scheme issued convertible loans between £125,000 to £5 million to innovative companies facing financing difficulties due to coronavirus.
- The scheme was delivered in partnership with the British Business Bank.
- Businesses had to be UK-based, able to attract the equivalent match funding from elsewhere, and have previously raised at least £250,000 in equity investment from third-party investors in the last 5 years.
How to apply:
Applications for the Future Fund closed on 31st January 2021. You can find out more information on other schemes available to you here.
Innovate UK’s grants and loan scheme (Closed)
As part of a new coronavirus package in April 2020, the UK Government announced £750 million of targeted support for the most R&D intensive SMEs.
The key facts:
- The fund was provided through Innovate UK which outlined three routes for loan applications, depending on whether the applicant was a new or existing customer and the stage of their project.
- Innovate UK accelerated up to £200 million of grant and loan payments for its 2,500 existing Innovate UK customers on an opt-in basis.
- An extra £550 million was made available to increase support for existing customers.
- A further £175,000 was offered to around 1,200 firms not actively in receipt of Innovate UK funding.
How to apply:
The deadline for project proposals was 13th January 2021. More details about the competition and how the funds were used can be found here.
Bounce Back Loans Scheme (Closed)
Small business owners can access loans of between £2,000 and £50,000 in a matter of days using the Bounce Back Loans Scheme. Unlike CBILS, the lender doesn't have to absorb any of the losses, and the application process has been made more streamline so businesses can access funds faster.
The key facts:
- You won’t pay any interest or have to make any repayments for the first 12 months.
- Under the new 'pay-as-you-grow' initiative, businesses can extend their repayment plan from six to 10 years. Businesses can also opt into payment holidays or interest-only repayments for six months.
- The original rule that businesses had to make six contributions before pausing repayments has been relaxed, so firms can now take advantage of this buffer before they've made any repayments.
- Lenders have worked in conjunction with the Government to ensure that after the initial 12 month period, borrowers pay a low, standardized rate of interest of 2.5% a year.
- The government guarantees 100% of the loan.
- There are no arrangement fees or early repayment charges.
- It's possible for businesses to apply for a 'top-up' if they borrowed less than the maximum amount available to them.
How to apply:
BBLS is available through a range of British Business Bank accredited lenders until 31st March 2021. You can apply for a Bounce Back Loan here.
Job Retention Bonus
To avoid as many redundancies as possible and to protect the nine million jobs that have, at some point, fallen under the Job Retention Scheme, Government has announced a new Job Retention Bonus. The scheme is intended to encourage businesses to keep their staff employed once the Coronavirus Job Retention Scheme comes to an end.
The key facts:
- The Government will award a one-off £1,000 bonus to businesses for each employee that was furloughed through the Coronavirus Job Retention Scheme and kept continuously employed through to 31st January 2021.
- Businesses will be able to claim the bonus between 15th February and 31st March 2021.
- You can still claim the bonus if you have also claimed for an employee through the Job Support Scheme.
- You do not have to pay this money to your employee.
How to apply:
You cannot claim the Job Retention Bonus until 15th February 2021. More information on the Job Retention Bonus Scheme can be found here.
Hospitality & Tourism VAT Cut
To provide immediate relief and protection for the 150,000 businesses and 2.4 million jobs in the hospitality and tourism sectors, Government has announced a VAT cut for businesses in these sectors.
- The 15% cut will last until 31st March 2021.
How to apply:
You won't need to apply for this VAT cut as it's automatically applied.
Eat Out to Help Out Scheme (Closed)
To help protect jobs and businesses in the hospitality sector, Government announced a new "Eat Out to Help Out" scheme, giving the public a 50% discount on meals, with participating restaurants able to claim back the remaining 50%.
The key facts:
- The discount could be applied from Monday to Wednesday, throughout the month of August 2020.
- The 50% discount was capped at £10 per person, and only applied to food and non-alcoholic drinks consumed on the premises.
- Participating establishments could include restaurants, bars, cafes, work canteens, and food halls.
- Each week in August, participating businesses could claim the money back and receive the funds within five days.
How to apply:
This scheme has come to an end. Click here to find another support scheme.
Plan for Jobs
To encourage employers to create more traineeships and apprenticeships for young people struggling to find employment during the pandemic, Government has announced a raft of new incentives including a £2 billion Kickstart Scheme.
The key facts:
- The Kickstart Scheme subsidizes employers to create quality, short-term work placements for people aged 16 to 24 who are claiming Universal Credit and are at risk of long-term unemployment.
- Funding covers 100% of the National Minimum Wage - or the National Living Wage if applicable - for 25 hours per week over a six-month period.
- For each work placement created under the scheme, the amount of £1,500 is paid to cover any initial set-up costs and for ongoing training and support.
- This scheme is now open to businesses of any size as the 30-placement limit on direct applications has been lifted.
- Businesses can also be paid for taking on an apprentice, which involves formally training someone for 12 months. The payment has been increased to £3,000 for each apprentice, irrespective of their age.
How to apply:
To receive an incentive payment for an apprentice, you must have an apprenticeship service account. From 3rd February 2021, employers can either apply for the Kickstart scheme directly online or through an official Kickstart gateway. More details on applying can be found here.
Help to Grow
The £520m Help to Grow scheme was launched to support 130,000 SMEs across the UK with digital and management training. The scheme is intended to help small and medium-sized businesses get access to a range of essential training from leading UK business schools.
The key facts:
- The new scheme is expected to run in 12-week programmes and is split into two pathways, Management and Digital.
- On the Management side, SME owners will be offered 50 hours of tuition from the country's top business schools, plus one-to-one support from business mentors.
- For the Digital offering, businesses will be able to get free and impartial business advice on technology via an online platform. Eligible businesses will also get discounts of up to 50%, worth up to £5,000 each, on software that will help them grow their business.
How to apply:
You can register your interest in the Help to Grow scheme here.
£594m Discretionary Fund
Following the announcement of further lockdown measures in January 2021, a £594m Discretionary Fund was made available for businesses through the local authorities and the devolved administrations in Scotland, Wales, and Northern Ireland.
Key Facts:
- The Additional Restrictions Grant is intended to help businesses that don't pay business rates, and therefore are not eligible for the top-up grants which came available in January for the retail, hospitality, and leisure industries.
- You can apply for the grant if your business has been forced to close, or if your business remains open but has been detrimentally impacted by the pandemic.
- It is the local authorities that decide which businesses are allocated a grant and how much they receive.
How to apply:
Businesses need to apply directly to their local authority for access to this funding. Please check gov.uk for further information.
Financial support
Banks and lenders are working closely with the Government to support you and your business during the outbreak.
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HSBC
HSBC have confirmed they have allocated £5 billion to help businesses affected by coronavirus, and £3 billion to support importers and exporters. They are also an accredited CBILS partner.
What they're offering:
- Repayment holidays to free up cash within businesses.
- Reviewing overdrafts or trade loans to allow stock to be held for longer.
- Providing trade finance solutions to support customers with their supply chains.
- Pre-approved 60-day extensions on trade loans for certain customers.
Who is eligible?
All HSBC business customers.
How to contact them:
You can contact the HSBC helpline on 08000 121 614 from 09:00 – 17:00 Monday to Friday. For those looking for a trade finance specialist, you can contact 0800 783 1300 from 09:00 – 17:00 Monday to Friday.
You can also find out more about what they are doing here.
Lloyds Banking Group (Lloyds, Bank of Scotland, Halifax)
The Lloyds Banking Group have introduced a £2 billion package to help protect SMEs from the financial impact of coronavirus. They are also an accredited CBILS partner.
What they're offering:
- No arrangement fees for new overdrafts or overdraft limit increases.
- No arrangement fees for new or increased invoice discounting and finance facilities.
- Repayment holidays to those businesses impacted the most. These are subject to individual agreements.
Who is eligible?
Any small business customers of Lloyds or Bank of Scotland Business account with a turnover of up to £25m.
How to contact them:
Speak to your relationship manager, or call Lloyds on 020 7626 1500, or Bank of Scotland on 0345 300 0268.
Lloyds Bank customers can find more information here, and Bank of Scotland customers can get support here.
RBS Group (RBS, NatWest, Ulster Bank)
RBS Group have announced £5 billion of working capital support for SMEs affected by coronavirus. They are also an accredited CBILS partner.
What they're offering:
- Loan repayment holidays.
- Temporary emergency loans with no fees.
- Overdraft facilities.
- Locally based Business Growth Enablers will also work with their external networks to distribute information to businesses on coronavirus preparedness.
- NatWest customers can get consultancy and advice support through NatWest Mentor.
Who is eligible?
All NatWest Business customers. Normal credit checks might still apply, decided on a case-by-case basis.
How to contact them:
Speak to your relationship manager or call NatWest on 0345 711 4477 or Ulster Bank on 0345 366 5592.
RBS customers can find more information here, Natwest customers can get support here, and Ulster Bank customers should go here.
Barclays
Barclays have announced a number of initiatives to help their business customers through this difficult period. They are also an accredited CBILS partner.
What they're offering:
- 12 month capital repayment holidays on existing loans over £25,000.
- Increased or new overdraft facilities and other working capital solutions.
- Access to funding - 360,000 SMEs have pre-assessed lending limits which can be accessed via the app or online banking.
- In addition, the bank has an existing £14 billion lending fund, which was launched in 2019 as part of a three-year commitment to help SMEs build resilience during uncertain times.
Who is eligible?
All existing Barclays Business customers.
How to contact them:
Barclays' helpline number is 0800 1971 0861 (Monday to Friday, 8am to 8pm). You can find out more information here.
Help from Fleximize
Our mission has always been to provide support to small businesses where they need it most – cash flow. And during these times of economic uncertainty, keeping your cash flow as healthy as possible is even more important. So we’re not deviating from our mission – we’re here to provide you with quick, flexible capital to support your business if you need it.
Why Fleximize?
At Fleximize, we look closely at the underlying reasons for cash flow issues, recognizing that, like now, they’ll often be out of a business owner’s control. Our flexible business loans are an attractive alternative to traditional forms of cash flow finance. Here are some of the highlights:
- Business loans of £5,000 – £500,000
- Unsecured and secured borrowing options
- Flexible repayment terms of 3 – 48 months
- Speedy application with minimal paperwork
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
Exclusive discounts on industry-leading business services
Our flexible lending criteria means we won’t automatically dismiss a company with an inconsistent credit history. Instead, we take the unique circumstances of every business into account, with a view to saying 'yes' wherever possible.
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