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What support is available to businesses during the coronavirus pandemic?

The COVID-19 pandemic has been unprecedented on both individual livelihoods and on the economy overall. For businesses, both large and small, the question that everyone has been asking is “What support is available to businesses during the coronavirus pandemic?”

The answer to this is constantly changing with the evolving tier system, localised lockdowns and national lockdowns. However, there have been a few different types of Coronavirus (COVID-19) support options in place for businesses.

Loans,tax relief and grants.

Loans, tax relief and cash grants are all available to businesses. You can find out what support schemes you may be eligible for by completing a short questionnaire into financial support for your business on the government website: https://www.gov.uk/business-coronavirus-support-finder.

Many banks are offering loans to businesses with preferential interest rates through the COVID-19 Business Interruption Loan Scheme. This is where loans up to £5 million are available to businesses for up to six years, with no interest payable for 12 months. Delivered through the British Business Bank, they are available from a number of high street lenders.

Furlough Scheme

The furlough scheme has been around in some way, shape or form since the start of the first lockdown. The idea is that employers can claim back up to 80% of their employee’s wage (up to £2500) per month, with the option of topping up the remaining 20% at their discretion, if their business has been affected by COVID-19 and the employee is unable to work as a result.

It should be noted that while on furlough, it is against the law for employees to work, and this scheme does still require the employer to pay their Employer NI and pension contributions, even if their employee isn’t working.

Self Employment Grants

Those who are self-employed may be eligible for a tax grant which covers up to 55% of their trading profits. You can check what grants you are eligible for through the following link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Get in touch with us today

Want to find out more about the support available to your business during the COVID-19 pandemic? Get in touch with us today at CWR Accountants and one of our team will help talk you through your options.