Last updated: 24th September
All the government support for people and businesses is detailed on the Government website. The ‘support finder’ tool will quickly identify the financial support is available businesses and the self-employed, you can find out more here.
The following scheme will end in October 2020:
- Job Retention Scheme – open until 31 October 2020. Recent changes to the scheme can be found here. How to apply and guidance can be found here.
Schemes to protect jobs:
- Winter Economy Plan – Includes a new Jobs Support Scheme, extending the Self Employment Income Support Scheme and 15% VAT cut for the hospitality and tourism sectors until March 2021, and help for businesses in repaying government-backed loans. Full details about the Winter Economy Plan can be found here.
- Self-Employed Income Support Scheme – The grant is being extended from 1 November 2020. The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade, but are facing reduced demand due to coronavirus (COVID-19). Full details can be found here.
- Job Retention Bonus – employers will receive a one-off payment of £1,000 for every furloughed employee who remains continuously employed through to the end of January 2021. Further details can be found here.
- Kickstart Scheme – a new to fund the creation of jobs for young people aged 16-24 at risk of long-term employment. You can find out how to access Kickstart funding and how the scheme works here and you can read the Plan for Jobs Policy Paper here.
For the attention of Hampshire hospitality, leisure and tourism businesses
- Displaying NHS QR code posters to support the NHS COVID-19 app will be a legal requirement from 24 September for all venues open to the public which are already being asked to use a logbook for Test and Trace. A list of designated business and venues is available here.
Financial support administered by your local authority
All financial support being administered by your local authority have now closed. For more information on further support by your local authority, please head to their dedicated Covid-19 web page on their website. (click on the table below to access the links)
Financial Support from the Banks
There several loan schemes available for businesses. The application deadline for the below schemes has been extended to 30 November [except the Corporate Financing Facility which closes next year].
- Business Interruption Loan Scheme – for SMEs with a turnover of no more than £45M per annum.
- Large Business Interruption Loan Scheme (CLBILS) provides finance to mid sized and larger businesses, with an group turnover of more than £45 million per annum. The maximum amount available through CLBILS to a borrower and its group has now increased from £50m to £200m.
- Bounce Back Loan Scheme for small and medium-sized businesses who need to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there will not be any fees or interest to pay for the first 12 months.
- The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
The full rules of the above schemes and guidance on how to apply is available on the British Business Bank website.
- Corporate Financing Facility – this involves the Bank of England buying short term debt from larger companies. The CCFF will close for new purchases from eligible issuers with effect from 23 March 2021.
Other support
- Statutory Sick Pay (SSP) for businesses that employ fewer than 250 employees.
- Tax deferral is available for firms and individuals who are in temporary financial distress and have outstanding tax liabilities. Please call HMRC’s dedicated helpline: 0800 0159 559.
- Deferral of self-assessment payment on account. You have the option to defer your second payment on account if you are registered in the UK for self-assessment and are having difficulties to make a payment.
- Funding streams – Several organisations have launched funding programmes to assist local organisations in responding to the challenges Covid19.
- There are several Business Representative Organisations and Trade Associations in the UK offering sector specific guidance and are happy to hear from non-members and members alike, so do get in touch to find out more.
Local support
You can also find free support, advice, and information on sources of finance through your local Growth Hub.
- The EM3 Growth Hub have a dedicated helpline for business and can provide one to one support and advice, access to information, webinars and other sources of support for businesses in the EM3 region.
- The Solent Growth Hub are working with several partners to identify additional support for businesses in the Solent region including additional funding and advice. On the Coronavirus Support Hub you will find a page dedicated to the support being offered.
If you have a query that isn’t covered by this guidance you can contact the Government Business Support Helpline.
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