Government funding- Summary of announced schemes in the UK

Funding Category

Applies to

Details

Eligibility

How to apply

Coronavirus Job Retention Scheme (JRS)

All

Employees can be deemed 'furloughed' from 1 March 2020 and must be 'furloughed' for at least 3 weeks; Employee cannot work while being 'furloughed'; Employee must have been on payroll on 28 February 2020; Employer must have an active PAYE scheme; Employer may top up to normal salary.  Initial period of 3 months, but this will be extended if necessary. 

80% of gross monthly salary, up to a maximum of £2,500 (excludes bonus, commission and fees) plus employer National Insurance plus the minimum auto-enrolment pension contribution.

Claim online through HMRC portal from 20 April 2020.  Must pay employees from grant

Statutory Sick Pay (SSP) for small or medium businesses

Small and medium businesses with fewer than 250 employees.

SSP is payable to qualifying employees and is now payable from day 1 for those who self-isolate or are unwell because of COVID-19 (the first 3 days are normally unpaid); Can be claimed from 13 March 2020.

SSP refund as a result of COVID-19 can be claimed for a maximum of two weeks' sickness per employee. Sick note is not required (need isolation note).

There is no existing mechanism for the recovery of SSP by employers (unlike other Maternity Pay). The government has committed to working with employers to work out a mechanism for this recovery.  Get Isolation note: https://111.nhs.uk/isolation-note/screener-question

Self-employed Income Support Scheme (SEISS)

The self-employed and members of trading partnerships whose profits have been negatively impacted by COVID-19.

Taxable grants to be paid of up to 80% of average monthly profits over the previous three years (based on average profits reported on tax returns filed for 2016/17, 2017/18 and 2018/19), up to a maximum of £2,500 per month. Initial period of 3 months, but this will be extended if necessary.  

Open to taxpayers who make more than 50% of their total income from self-employment or as a member of a trading partnership with profits of less than £50,000.

Do nothing, HMRC will contact eligible taxpayers and invite to claim by 30 June 2020.

Business Rates Relief

Nurseries

Automatic Business Rates Relief between 1 April 2020 and 31 March 2021.

Nursery is on Ofsted's Early Years Register and provides care and education for children up to 5 years old.

Do nothing, Council will contact you. Cancel DD for rates payment.

Business Rates Relief

Retail, Leisure, Hospitality, Estate Agents, Letting Agents, Bingo halls, etc.

Business Rates reduced to 0% between 1 April 2020 and 31 March 2021.

Business operating from premises with a rateable value between £15,000 and £51,000 per property.

Do nothing, Council will contact you. Cancel DD for rates payment.

Grants for retail, hospitality and leisure businesses

Retail, Leisure, Hospitality businesses

A cash grant of £25,000 will be provided in 2020/21

Business operating from premises with a rateable value between £15,000 and £51,000 per property.

Do nothing, Council will contact you.

Small Business Grant Fund (SBGF)

All

A cash grant of £10,000 will be provided in 2020/21

Businesses already receiving small business rates relief (SBRR) or rural rates relief (RRR)

Do nothing, Council will contact you.

Deferral of VAT payment

All

VAT payments due from businesses between 20 March 2020 and the end of June 2020 can be deferred till 31 March 2021.

HMRC have confirmed that any business registered for VAT in the UK will be eligible for the deferral, regardless of whether the business is established in the UK or overseas.

Cancel DD/ stop VAT payment during the period.

Income Tax payment deferral

All

Income tax payments on account due under Self-Assessment on 31 July 2020 will be deferred until 31 January 2021.

The measure applies to all taxpayers who are due to make a payment on account of income tax on 31 July. Deferral is optional.

Do nothing, HMRC will collect on 31 January 2021 (cancel any STO if needed)

Time to pay arrangements (TTP)

All

TTP has been available to businesses for over a decade, but HM Treasury has announced a stepping up of resource and a specific COVID-19 helpline that businesses can call. TTP allows a business to defer current (as opposed to prospective) tax debts (principally corporation / income tax, payroll taxes and VAT – but theoretically any other tax or duty) by converting settlement to instalments over a 3-12 months period.

Any business is theoretically eligible to apply. It is, however, critical to ensure supporting facts (and documentation) are available to evidence cashflow concerns.

Call HMRC's Coronavirus (Covid-19) helpline on 0800 024 1222

Coronavirus Business Interruption Loan Scheme (CBILS)

All

Banks will lend up affected business to £5 million with the government meeting the interest costs for the first 12 months. Loans shall be up to a maximum of 25% of turnover or 2 times payroll cost).

Businesses trading in the UK with turnover up to £45 million.

Discuss with your bank manager.

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

All

Loans of up to £25m backed by 80% Government guarantee.

Businesses trading in the UK with turnover of £45 million to £500 million.

Further details to be published by the government in due course.

Covid Corporate Financing Facility (CCFF)

All

Scheme being launched by the Bank of England to help companies which make a material contribution to the UK economy to bridge Coronavirus disruption to their cash flows through loans.

The business must have had, prior to being affected by COVID-19, a short or long- term rating of investment grade, or financial health equivalent to an investment grade rating.

Discuss with your bank manager.

Business-led grant for innovation in response to global disruption

Technology and research-focussed businesses

Grants of up to £50,000 will be available to technology and research-focussed businesses to develop new ways of working and help build resilience in industries such as delivery services, food manufacturing, retail and transport, as well as support people at home in circumstances like those during the coronavirus outbreak.

All the projects will begin by June 2020 and will last up to 6 months, with products and services expected to be available to the public towards the end of this year.

Apply on https://apply-for-innovation-funding.service.gov.uk/competition/583/overview

Application deadline noon, 17 April 2020. Successful applicants will be notified on 1 May 2020.

Ban on evictions for commercial tenants who miss rent payments

All

As of 23 March 2020, commercial tenants who cannot pay their rent because of coronavirus will be protected from eviction for 3 months.

Covers all commercial tenants regardless of size.

Speak to the landlord.

Financial support for charities

Frontline charities

The government has announced a £750 million package of support to ensure frontline charities can continue their vital work during this pandemic. The support is expected to be in the form of direct cash grants.

Frontline charities across the UK including hospices and those supporting domestic abuse victims

In England, the grants will be channelled through NLCF and other organisations. Government aims for charities to receive funding in the coming weeks. More details will be available in due course.