Financial Support Available
We have brought together the full range of business support measures that have been made available to UK businesses.
Business support finder tool:
Use this business support finder to see what support is available for you and your business.
Business support grant funds:
The Local Restrictions Support Grant (LRSG (Closed) Addendum) supports businesses that have been required to close due to the national restrictions between 5 November and 2 December 2020.
If your business was open as usual, then required to close due to the national restrictions imposed by government, you may be eligible for LRSG (Closed) Addendum.
The Additional Restrictions Grant (ARG) supports businesses that are not covered by other grant schemes or where additional funding is needed. This grant is discretionary and due to the limited funding available Melton Borough Council will be looking to support businesses within those sectors most impacted by the recent Lockdown.
Business rate relief:
England only. Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.
England only. Nurseries in England do not have to pay business rates for the 2020-21 tax year. Properties that will benefit from the relief will be those occupied by providers on Ofsted's Early Years Register and are wholly or mainly used for the provision of the Early Years Foundation Stage.
Paying your employees:
UK wide support. HMRC will reimburse 80% of furloughed staff wages their wages, up to £2,500 per month.
Paying sick pay:
UK wide support. Allow for small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus. You will be eligible if; 1) Your business is UK based AND 2) Your business is a small or medium-sized and employs fewer than 250 employees as of 28 February 2020.
UK wide support. If you are due to make a self-assessment payment on account on 31 July 2020 then you are eligible for the deferment (until January 2021). The deferment is intended to assist self-assessment taxpayers, including those who are self-employed, who are suffering hardship as a result of the coronavirus.
UK wide support. Deferring Valued Added Tax (VAT) payments for 3 months.
Support for the self-employed:
UK wide support. SEISS will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme could provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
You can find more guidance around support for the self-employed here.
Support for small and medium-sized businesses
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.
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.
UK wide support. Supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years. The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments. To be eligible, your business will need to be UK based, with a turnover of no more than £45 million per year and meets the other British Business Bank eligibility criteria.
This scheme provides support for rural businesses (including tourism, agriculture and creative industries) and independent retail businesses, to enable them to overcome the impacts they may have faced or are still facing, as a result of COVID-19.
Grants are available between £2,000 and £10,000 (excluding VAT). The scheme will provide 50% grant support with the applicant providing the other 50% as match funding.
Support for large businesses
UK wide support. CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m. This will give banks the confidence to lend to many more businesses which are impacted by coronavirus.
UK wide support. The Bank of England will buy short-term debt from larger companies.
Support from other organisations:
The Prince's Countryside Fund is inviting applications for emergency funding from farming and rural community support groups, who are providing assistance to counter the effects of isolation during the Coronavirus pandemic.
The £5million Enterprise Relief Fund will offer grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business. In conjunction with cash grants, the initiative will offer one-to-one support and guidance to anyone who needs it and who may be worried about their future.
This page was last updated on 19.11.20