What Financial Support Has The Chancellor Announced?

Does your business need support?

You can contact MK Council on 01908 253794

 

The Government has launched a new ‘support finder’ tool which will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them. 

For more details, please visit this link:

https://www.gov.uk/business-coronavirus-support-finder

 

Bounce Back Loan

Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the cash expected to land within days.

For more information and how to apply:

https://www.gov.uk/government/news/new-bounce-back-loans-to-launch-today

 

Business Rates Relief

The Government have introduced a business rates holiday for retail, hospitality and leisure businesses.

For more information, click here:

https://www.gov.uk/guidance/check-if-your-retail-hospitality-or-leisure-business-is-eligible-for-business-rates-relief-due-to-coronavirus-covid-19

 

Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19).

For more information, click here:

https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

 

Coronavirus Large Business Interruption Loan Scheme

This scheme helps large businesses affected by coronavirus (COVID-19) to access loans of up to £25 million.

For more information, click here:

https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme

 

Future Fund

This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

For more information, click here:

https://www.gov.uk/guidance/future-fund

 

Job Retention Scheme

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19) here:

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

Self-Employment Income Support Scheme

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant here:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

Statutory Sick Pay

Find out if you can use the Coronavirus Statutory Sick Pay Rebate Scheme to reclaim employees' coronavirus-related Statutory Sick Pay (SSP) here:

https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19

 

VAT

Plans to scrap VAT on e-books and e-newspapers have been significantly fast-tracked in a boost to readers and publishers during the coronavirus outbreak, the Chancellor announced.

For more information, click here:

https://www.gov.uk/guidance/zero-rate-of-vat-for-electronic-publications

 

This brief announces changes to UK VAT law to introduce a temporary zero rate for the supply of PPE recommended for use for protection from infection with coronavirus:

https://www.gov.uk/government/publications/revenue-and-customs-brief-4-2020-temporary-vat-zero-rating-of-personal-protective-equipment-ppe/revenue-and-customs-brief-4-2020-temporary-vat-zero-rating-of-personal-protective-equipment-ppe

 

Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow.

For more information, click here:

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19