Financial support for employers

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:

Get a grant (not a loan) to pay your staff: Coronavirus Job Retention Scheme

The government wants to ensure businesses can pay their staff now, retaining their workforces so that both they and the economy can get back to work ASAP. The Coronavirus Job Retention Scheme can provide a grant to keep your people on and pay them at little or no cost to you, so you can get your business back on track when this crisis has ended. The scheme is available until October 2020 and phased reductions in the level of support will apply from July onwards

If you do not have the work available for your employees, you can avoid the difficulty and expense of making redundancies. Instead, you can ‘furlough’ employees and get support from the government to pay them. This means you:

  • Don’t need to make them redundant
  • Won’t have to make redundancy payments, which will apply if you do lay off staff
  • Can secure your business for the future by retaining the talent and human resources you will need to get back to normal business when this crisis has concluded

Visit the official government website for information on how to apply for your grant.