In response to the COVID-19 crisis, the Chancellor of the Exchequer has set out a number of initiatives which provide a package of funding related measures to support public services, people and businesses during this time.
To help you understand these schemes, we have produced a 'Summary of UK Government COVID-19 funding measures'. This provides a summary of each scheme, together with signposts to help you keep up to date with the latest information on these schemes.
Our summary includes details of the two main bank funding schemes:
- the new Covid Corporate Financing Facility, a scheme run by the Bank of England, and HM Treasury, aimed at supporting larger businesses; and
- the new Coronavirus Business Interruption Loan Scheme, a scheme run by the British Business Bank, aimed at supporting small and medium sized enterprises,
Including details on eligibility for these schemes, how to access them, documentation and important points to note.
Our summary also includes details of:
- HMRC's job retention & VAT deferral schemes and time to pay service;
- the statutory sick pay support scheme for SMEs; and
- the business rates holiday and local authority cash grant schemes.
Information is changing regularly, so for the latest information, please refer to the resources we have signposted for you.
If you have any queries or questions in relation to this summary, or any other queries on how COVID-19 might affect your business, please do get in touch with us. We are here to help you.
Download our summary of UK Government COVID-19 funding measures here.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
