For information on the new self-employment income support scheme please visit:
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures to support businesses including:
- a Coronavirus Job Retention Scheme
- deferring VAT and Income Tax payments
- a Statutory Sick Pay Relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
- small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief
- grant funding of up to £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
For the latest information and full details on the above Schemes visit the dedicated Government Business Support webpages.
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.
In relation to the business rates holidays, no action is required from businesses. West Lindsey District Council will apply the business rates holiday to your bills. For more information please check the council’s Business Rates webpages.
The Coronavirus Business Interruption Loan Scheme (CBILS) is open for applications and supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities and can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cash-flow.
- Up to £5m facility:
The maximum value of a facility provided under the scheme will be £5m, available on repayment terms of up to six years.
- No guarantee fee for SMEs to access the scheme:
No fee for smaller businesses. Lenders will pay a fee to access the scheme.
- Interest and fees paid by Government for 12 months:
The Government will 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.
- The borrower always remains 100% liable for the debt.
Any business interested in applying to CBILS should talk to their bank or finance provider (not the British Business Bank) as soon as possible and discuss their business plan with them.
Full details can be found at www.british-business-bank.co.uk/CBILS.
Please also refer to these documents for key details:
For the latest news and announcements on support for business please visit the visit the government's Covid-19 business support website.
If you need further guidance please get in contact with the Growth Team at firstname.lastname@example.org.