Guiding your business through the coronavirus outbreak
The coronavirus (COVID-19) outbreak might leave you feeling anxious about the future, especially if you have a business.
Strict isolation rules mean that many businesses simply cannot operate, while others have been affected by staff shortages and shivers down their supply chain. Almost every business has been affected by the crisis in one way or another.
At Umbrella Insolvency, we want to do everything possible to help your business survive this short-term disruption. To help, we have provided a list of all the government support that’s available to businesses along with the eligibility criteria.
If your business is struggling with more serious financial concerns, speak to a member our business debt advice team today. Call: 0800 141 3712.
Self-Employment Income Support Scheme
A scheme supporting self-employed people with trading profits of up to £50,000 per year. It will see self-employed people receive a grant of 80% of their average monthly profits as recorded in their last three tax returns, up to a maximum of £2,500 per month.
You are eligible for the scheme if:
This scheme is not available for self-employed people that work through limited companies. These individuals may be able to access support through the Coronavirus Job Retention Scheme for employees.
Coronavirus Business Interruption Loan Scheme
A temporary loan scheme for small and medium sized businesses, allowing them to borrow up to £5 million for up to six years.
You are eligible for the scheme if:
Business Rates Holiday for Retail, Hospitality and Leisure
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.
You are eligible for the scheme if:
Cash Grant for Retail, Hospitality and Leisure
If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property.
You are eligible for the scheme if:
Businesses with a rateable value of £51,000 or over are not eligible for this scheme.
Coronavirus Job Retention Scheme
Support for employers to continue paying part of their employees’ salary, for those that would otherwise have been laid off during this crisis.
You are eligible for the scheme if:
Small Business Grant Funding
Additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief.
You are eligible for the scheme if:
Your business is based in England
You are a small business and already receive SBRR and/or RRR
You are business that occupies property
Statutory Sick Pay Rebate
Legislation allowing small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) for any staff sickness due to coronavirus, up to a maximum of two weeks per employee.
You are eligible for the scheme if:
Time to Pay
Special tax arrangements for businesses and self-employed people struggling to pay tax liabilities, tailored to each individual’s personal circumstances.
You are eligible for the scheme if:
Business Rates Holiday for Nurseries
Nurseries in England do not have to pay business rates for the 2020-21 tax year.
You are eligible for the scheme if:
VAT Deferral
A deferment of Value Added Tax (VAT) payments for three months.
You are eligible for the scheme if:
Are you struggling with business debt? Speak to an expert today for company insolvency advice. Call: 0800 611 8888.