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Government Support

COVID-19: Support available for businesses 

  What is it?  Who is it for?  When is it available? 

What local support is available? 

Staff costs  Coronavirus Job Retention Scheme 

The Government will cover up to 80% of salary (up to £2,500 per month) per employee for businesses to retain and furlough employees who would otherwise be made redundant due to Coronavirus related disruption – this will be backdated to 1st March 2020 

Available for businesses and charities of all sizes and sectors. Employers will be asked to submit information (details TBC) to an HMRC portal  HMRC are aiming to launch the scheme towards the end of April. 

 

Shrewsbury BID has launched an employment advice service for BID Members. Find out more. 

Statutory Sick Pay Refund 

 

The Government will refund employers up to 14 days statutory sick pay per employee off sick or self-isolating from day 1 

Available for businesses and charities with under 250 employees. Employers will be able to access it Via HMRC (details tbc)  HMRC are aiming to launch the scheme towards the end of April. 

 

For the time being, all firms to keep careful records of sickness & self-isolation absence in order to have evidence available as soon as the scheme launches. 

 

Shrewsbury BID has launched an employment advice service for BID Members. Find out more. 

Grants  Small Business Grant (£10,000) 

 

The Government will provide a one-off grant of £10,000 to businesses receiving Small Business Rate Relief (SBRF) or Rural Rate Relief (RRR) 

 

Businesses receiving Small Business Rate Relief (SBRF) or Rural Rate Relief (RRR)  Applications through Shropshire Council are now open. 

Apply online 

 

Small Business Grant (up to £25,000) 

 

The Government will provide cash grants for retail, leisure & hospitality sector businesses with a rateable value of up to £51,000 with a cash grant of up to £25,000 

 

Businesses in this sector with a rateable value of £15,000 or under will receive grant of £10,000. 

 

Businesses in this sector with a rateable value of £15,001 up to £51,000 will receive a £25,000 grant. 

Applications through Shropshire Council are now open. 

Apply online 

 

Loans  Coronavirus Business Interruption Loan Scheme

The British Business Bank will issue guarantees of up to 80% on loans of up to £5m in value, interest free for the first 12 months, to help businesses access bank lending & overdrafts at favourable rates 

 

Available for UK based businesses with turnover of under £45m 

 

Contact your bank or commercial lender 

Yes – the first loans are now available via accredited lenders. 
Covid Corporate Financing Facility 

The Bank of England will buy short-term debt from larger companies to allow companies to finance short-term liabilities 

 

Via the Bank of England  Yes – this facility is now available 
Bounce Back Loans 

 

100% government guaranteed loans of between £2-50,000 with no fees or interest to pay for the first 12 months. 

 

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan. 

 

Small and medium-sized businesses.  The Bounce Back Loan scheme will launch on 4 May 2020. 
Business Rates  Business Rates Holiday for Retail, Leisure & Hospitality Businesses 
 

The Government will provide English businesses in the retail, leisure and hospitality sectors with 100% business rates relief for the 2020/21 tax year 

 

Available for businesses of all sizes in the 

retail, leisure & hospitality sector 

 

 

You do not need to do anything – Shropshire Council will automatically apply 

the 100% rates relief to your 2020 tax bill. 

Tax  VAT Deferment 

The Government will defer VAT payments between 20th March & 30th June with businesses given until the end of the tax year to repay any liabilities that accumulate 

Available for businesses of all sizes and 

sectors in the UK. 

The Government will apply this automatically 
Time to Pay 

HMRC’s Time to Pay facility offers businesses and selfemployed individuals in financial distress support to restructure payments and manage their tax affairs 

 

Available for all businesses and self-employed individuals that pay tax to the UK Government 

 

 

Requests are considered by HMRC on a case by case basis, contact their dedicated 

support line on 0800 0159 559 

Self Employed  Self-employment Income Support Scheme (SEISS) 

The Government will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month 

 

Available to those where the majority of their income comes from self-employmentwho have profits of less than £50,000, and who filed a tax return for 2018/19.  HMRC will invite suitable people to apply. Grants are expected to start to be paid out by beginning of June 2020 
Self-Assessed Income Tax Payments 

The Government are deferring income tax payments due in July 2020 under the self-assessment system to January 2021 with no penalties or interest for late payment applied 

 

Available for all self-employed individuals  HMRC will offer this automatically to 

self-employed individuals 

Universal Credit 

The Government has confirmed that self-employed individuals will be able to access the equivalent of Statutory Sick Pay through Universal Credit. From 6 April the requirements of the 

Minimum Income Floor will be temporarily relaxed 

 

Available for all self-employed individuals 

who are sick or self-isolating 

 

 

Applications can be made online via the 

Department for Work & Pensions here 

 

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