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Information on government schemes and support for businesses

Government schemes and
support for businesses affected by coronavirus (Covid-19)

Who can benefit from these schemes?

Any business that needs access to cash to pay rent, salaries, suppliers, or buy stock, will be able to access government-backed schemes and support.

Further details of the schemes and how to access the benefits are outlined below.

Coronavirus Business Interruption Loan Scheme (CBILS)

To support SMEs, CBILS will provide a loan ranging from £5k to £5million for up to 6 years.

If your business has been impacted by coronavirus, we will be able to consider your application under CBILS.

Smaller businesses will benefit from no upfront costs and lower initial payments.

Important information

  • You must be UK based
  • Your turnover must be under £45m
  • You will need a viable borrowing proposal, other than COVID-19
  • A capital repayment holiday for 12 months will be available at the start of the loan
  • The government will meet the interest payments for the first 12 months
  • The bank does not charge the borrower any lender-levied fees

Full eligibility criteria are available on the British Business Bank website.

Already bank with us?

If you have an existing loan and bank with us you could ask for a repayment holiday to help with cash flow.

To access funding, select one of the products below

Small business loan

For loans of between £1k to £50k.

Fixed rate loan

For fixed rate loans of between £25k to £10m.

Variable rate loan

For variable rate loans of £25k or more.

Liquidity support for larger firms

Covid Commercial Financing Facility (CCFF)

Major new scheme being launched by the Bank of England to help them bridge Coronavirus disruption to their cash flows through loans.

Up to 12 months support under a Covid Commercial Financing Facility, available to companies which make a material contribution to the UK economy.

How to apply
Further details of the Facility, including application forms, terms and conditions and operating procedures will be published here shortly.

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The government has announced a scheme to support larger firms with a turnover of between £45 million and £500 million.

More information will follow soon.

Self-employed workers

Self-employment Income Support Scheme (SEISS)

This scheme will provide a taxable grant worth 80% of your trading profits, up to £2,500 per month for the next 3 months.

The scheme is available to those with a trading profit less than £50,000 in 2018-19. Or, an average trading profit of less than £50,000 for the last 3 tax years.

Can I benefit?

You can get support if you're self-employed (including members of partnerships) and have lost income due to coronavirus. Trading profits must be less than £50,000 and make up more than half of your income from self-employment.

The scheme is initially available for 3 months in one lump sum payment. HMRC will begin payments at the beginning of June.

Visit the government to see how your trading profits and eligibility are determined.

How do I access the scheme?

You do not need to do anything. HMRC will contact you if you are eligible for the scheme and invite you to apply online.

If you pay yourself a salary and dividends through your own company, you won't be covered by the scheme. You can access the Coronavirus Job Retention Scheme which covers 80% of your salary, if operating through PAYE.

Time To Pay Service

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support through HMRC’s Time To Pay Service.

How to access the scheme

If you have missed a payment or you might miss your next payment due to COVID-19, contact HMRC’s helpline on 0800 015 9 559.

If you’re worried about a future payment, you should call nearer the time.

Find out more

Specific sector support

Some sectors are facing particularly acute challenges, with discussions underway to identify ways to provide help to the most affected. Sectors that have been particularly impacted are airlines, airports and the travel sector.

Retail, hospitality and leisure

The retail, hospitality and leisure sectors have also been severely affected. The chancellor announced that businesses in these sectors with no insurance provision for pandemics will receive targeted relief. Qualifying businesses with a rateable value of less than £51,000 will not pay business rates this year.

These sectors will also be eligible for a business rate holiday, regardless of their rateable value. They will not have to pay business rates for 12 months.

There will be an extra provision for a cash grant of up to £25,000 per business. This is aimed at helping shortfalls in cash flow through this period.

How to apply
Funding will be provided via local authorities.
Find out more

Small business support

Previously announced cash grants of £3,000 will now be increased to £10,000. These will be available to 700,000 of our smallest businesses.

This is in addition to the existing multi-billion-pound package set out in the Budget. This included reimbursing small and medium sized companies for the cost of statutory sick pay. The devolved administrations will receive at least £3.5 billion in additional funding to provide support to businesses in Scotland, Wales and Northern Ireland.

Additional information

Statutory sick pay

SSP is payable to qualifying employees and is now payable from day 1 for those who self-isolate or are unwell because of COVID 19 (the first 3 days are normally unpaid). The current rate of SSP is £94.25 per week.

HM Treasury has announced that small and medium sized employers (those with fewer than 250 employees) may recover this cost where SSP has been paid as a result of COVID 19 from 13 March for a maximum of two weeks’ sickness per employee.

Further information:
Government support for employers

Coronavirus guidance and support

We’re here to support your business. See our latest guidance and find out how we might be able to help you.

Something else we can help you with?