Schemes to support business owners
Coronavirus Business Interruption Loan Scheme
South West Business Council (SWBC) have been working with the Regional Bank Directors and the Local Enterprise Partnership (LEP) to prepare a document to provide a template for those seeking loan funding and as a practical guide to support your business recovery plan.
The guidance notes are prepared in accordance with the recommendations from the British Business Bank.
The Coronavirus Statutory Sick Pay Rebate Scheme
A new online service was launched on 26 May 2020 for small and medium-sized employers to recover Statutory Sick Pay (SSP) payments they have made to their employees.
The Coronavirus Statutory Sick Pay Rebate Scheme is part of a package of support measures for businesses affected by the COVID-19 outbreak.
This scheme will allow small and medium-sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying coronavirus-related SSP.
Employers will be able to make their claims through a new online service from 26 May. This means they will receive repayments at the relevant rate of SSP that they have paid to current or former employees for eligible periods of sickness starting on or after 13 March 2020.
Tax agents will also be able to make claims on behalf of employers.
Self-Employment Income Scheme
The Self-Employment Income Support scheme is now live, enabling the self-employed to claim up to 80% of average profits (up to £2,500 a month) to cover loss of income between March and May 2020.
To apply first check your eligibility using the link below. Subject to eligibility you will need the following details to apply:
- Self Assessment Unique Taxpayer Reference (UTR) - if you do not have this find out how to get your lost UTR
- National Insurance number - if you do not have this find out how to get your lost National Insurance number
- Government Gateway user ID and password - if you do not have a user ID, you can create one when you make your claim
- UK bank details
Check your eligibility on the Government's website.
Apply online for the scheme.
Other business finance support options
You can find details of other government measures to support public services, people and businesses through this disruption on the Government’s Business Support website.
Guidance and support for your business during this period of uncertainty
The British Business Bank and The Institute of Chartered Accountants in England and Wales (ICAEW) have created new content to help businesses that are facing financial and operational challenges as a result of the coronavirus outbreak. You can view this regularly updated guidance at the Business Finance Guide website.