Financial support and relief packages for employers
Getting financial support to ease pressure on cashflow now:
The Coronavirus Business Loan Interruption Scheme (CBILS). This facility helps employers to protect jobs. To help businesses to that are losing revenue or seeing cashflow interrupted, the UK government is working with banks and lenders to offer immediate financial support. You may have seen reports that businesses have not been able to secure a CBILS loan and that business owners have been required to give personal guarantees. The big 4 banks have confirmed that they will not require personal guarantees for CBILS loans of under £250,000.
Visit the British Business Bank website for full information about the scheme and accredited lenders
Getting financial relief: A range of payment holidays and deferments that can protect your cashflow
A range of additional measures to assist you with your cashflow have been announced, including:
- Deferment of VAT payments for 3 months
- Statutory Sick Pay relief for small and medium sized businesses (‘SMEs’)
- HMRC ‘Time to Pay’ Scheme for businesses to defer PAYE and NI payments
- Grants for Retail, Hospitality and Leisure businesses
- Business Rate relief
Visit the official government website for information on how to apply for these reliefs.