The Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund

Maximum support available: £25,000 (grant)

These are the two main government grants that are available right now, aimed at providing business rates relief. They were released together and are delivered by local authorities.

Under the Small Business Grant Fund (SBGF) all eligible businesses in England in receipt of either Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR) in the business rates system will be eligible for a payment of £10,000. 

Under the Retail, Hospitality and Leisure Grant (RHLG) eligible businesses in England in receipt of the Expanded Retail Discount (which covers retail, hospitality and leisure) with a rateable value of less than £51,000 will be eligible for a cash grants of £10,000 or £25,000 per property.

Those eligible should have been contacted to let them know and given a slot to apply. Applications for this grant closed on 18th May.  

This funding is subject to EU state aid rules.

Self-Employment Income Support Scheme

Coronavirus Business Interruption Loan Scheme (CBILS)

Maximum support available: £5m (loan)

Over 50 lenders, including all major retain banks, are providing loan funding through this scheme, via the government platform.

Aimed at small and medium businesses, all UK businesses with a turnover under £45million except banks, insurers and state-funded schools are eligible to apply.

You’ll need to be able to prove that your business would have been viable if it weren’t for the pandemic and that it has been adversely affected by the crisis.

In deciding on your application the funder will look at whether the money is for a suitable business purpose, affordable for you and if it’s the right type of finance for your needs.

Coronavirus Bounce Back Loan

Maximum support available: £50,000 (loan)

The government will guarantee 100% of the loan and for the first 12 months you will not have to pay any fees or interest or make repayments.  The interest rate will remain at 2.5% and some businesses are taking this loan to pay off other loans, which are at a higher rate.

If your small to medium-sized business (SME) is affected by coronavirus, you may be able to borrow between £2,000 and £50,000 through a Bounce Back Loan scheme.

Coronavirus Job Retention Scheme

Universal Credit

Maximum support available: £409.89 per month for one single person, £594.04 for a couple (extra money given if you have dependants)

This is a monthly benefit payment and you’re reassessed every month for eligibility.  Payments are made depending on your income and are calculated for a period of time, not just the time you apply.

Additional money is provided for dependants and you can receive extra support for childcare costs up to £1,108.04 for two or more children.)

There are many government schemes out there and most people will be able to benefit from the help provided but we understand that it can be overwhelming to navigate and know what you are entitled to.

In challenging times like these it’s important to seek support where you can. Don’t be afraid to seek help, ask a friend or professional advisor. 

Many businesses could also benefit from the support of their communities via crowdfunding campaigns. Our blog on crowdfunding explains all you need to know about setting one up.

These times are testing and uncertain and the truth is that some businesses might not successfully endure this period.  But I would urge all business owners to take a look at what they can do now to avoid this and to better position their business for a post lockdown economy. 

It is important to remember that the UK will recover, life will resume with the energy and vitality that we are accustomed to and ‘business as normal’ will also return.