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How small businesses can get support through the coronavirus crisis

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A broad-ranging package of measures has been announced by the government to help businesses through the Covid-19 outbreak.

From Time to Pay Agreements to grants and loans, there are a host of schemes.

Small business owners face a very challenging time - but there is help out there
Small business owners face a very challenging time - but there is help out there

Getting to grips with all the information - and knowing what schemes will work best for you - may not be easy.

So Company Debt has put together a dedicated guide to the support available for small businesses, which is regularly updated as new information emerges from the government.

Here’s a quick overview.

HMRC Time to Pay Agreements

To preserve cash-flow in struggling businesses, Time to Pay Agreement (TTP) allows business owners to pay HMRC over time instead of all at once

Emergency loans from high street banks

High street banks in the UK are offering emergency loans to at-risk businesses.

Refund for Statutory Sick Pay (SSP) payments

From March 13, for an initial period of eight months, anyone who self-isolates will be entitled to Statutory Sick Pay (SSP) from day one and SME employers will be reimbursed for the first 14 days, while the self-employed will be benefit from an Employment and Support Allowance through the welfare system.

100% business rates discount for one year in certain sectors

Retail, leisure and hospitality businesses with a rateable value of less than £51,000 will be exempt from paying business rates over the next financial year. This has been extended to include museums, art galleries, theatres, caravan parks and gyms, small hotels and B&Bs, sports clubs, night clubs, club houses and guest houses.

The Coronavirus Business Interruption Loan Scheme

Businesses will apply to an agreed lender, and the government will provide the loan security of up to 80%. These loands will be interest free for 12 months.

Don't get stressed - get help and advice
Don't get stressed - get help and advice

The Covid Corporate Financing Facility (CCFF)

Suitable for substantial businesses only, this provides funding to businesses by selling commercial paper (debt) of up to one-year maturity to the government.

The Coronavirus Job Retention Scheme

Employers can claim for 80 per cent of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month.

A £3,000-£10,000 coronavirus grant for small businesses that pay no rates

These grants are aimed at the 700,000 small businesses eligible for Small Business Rate Relief (SBBR) or Rural Rate Relief.

Help for the self-employed

Self-employed people are now able to access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees.

Self-assessment payments have also been deferred to Jan 2021 for the self employed.

Cash grants of up to £2,500 for the next three months will be available to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.

VAT Deferred

VAT has been deferred for the next quarter through to the end of June. Those payments can now be paid at the end of the financial year.

This is an automatic offer with no applications required.

Get the latest advice on what schemes are available to you
Get the latest advice on what schemes are available to you

How Company Debt can help

The government is announcing more details for many of these business support schemes.

Company Debt is updating its advice in line with this.

It said: “Our mission is to helped stressed directors through difficult circumstances. We’re here to help you with practical advice, immediate assistance and a friendly, professional response.”

Call Company Debt on 0808 239 6406 or use the contact form to get in touch.

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