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Covid-19: support for businesses - updated 19 May 2020
The Future Fund will provide UK Government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The fund will be open for applications from Wednesday 20 May 2020.
These convertible loans may be a suitable option for businesses that typically rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The Future Fund was developed by the UK Government and is being delivered by the British Business Bank.
From Tuesday 26 May 2020, small and medium-sized employers, with fewer than 250 employees, will be able to apply to recover the costs of paying coronavirus-related Statutory Sick Pay (SSP) payments they have made to their employees.
Employers will be able to make claims to the Coronavirus Statutory Sick Pay Rebate Scheme through a new online service. Employers 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.
HMRC has published online guidance which includes information about who can use the scheme and the records employers must keep. Click here to find out more.
The Business Support Helpline number in England has changed to FREEPHONE 0800 998 1098. The helpline provides free, impartial business support and signposting services to businesses in England – which currently includes business advice on Covid-19.
You can also find free support, advice and sources of finance through the combined authority 1-2-1 services or speak to an advisor on webchat about support for your business.
The Department for International Trade are running a series of webinars to help businesses through coronavirus.
Logistics and movement of goods during COVID-19 - 20 May
Risk management when considering new markets - 21 May
Managing disruption of supply chains during COVID-19 – 22 May
Larger businesses to benefit from loans of up to £200 million
Government extends maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme from £50 million to £200 million.