What financial support is available for businesses during coronavirus?

The financial relief offered by the UK government has evolved since the start of the coronavirus pandemic.

Are you wondering what the latest changes are?

On 24th September the government revealed a Winter Economy Plan. The Plan introduces a new job support scheme, and extended policies that aim to provide further employment support and ease business burdens.

This is the next phase of the recovery programme. The government’s support packages now target the preservation of “viable” jobs rather than all jobs.

The Job Support Scheme, which effectively replaces the furlough scheme, will run for six months from 01 November 2020. It is available to all SMEs and larger businesses who can prove they have been negatively affected by the pandemic.

This scheme was expanded on 9th October to give temporary support to businesses who will be legally required to close as a result of the coronavirus restrictions set out by one of the four governments of the UK.

Under the Pay as you Grow scheme, businesses that took advantage of the Bounce Back Loan Scheme will have extended options for repaying their loan. Other changes were announced to defer the repayment of business interruption loans, deferred VAT and deferred income tax.

Download our guide to the existing financial relief and new measures now.

We’ve set out the details of these funding initiatives, eligibility criteria and how to apply, as well as details of tax and VAT deferral arrangements.

To understand how your business is affected, contact Zoe Feller.