Coronavirus (COVID-19): support for businesses

Information to help support your business

Where to go for information and support for your business

In response to the coronavirus outbreak, the Business Gateway Growth Hub has developed a range of resources and guidance to ensure businesses feel supported and are prepared to act quickly as the situation unfolds: Coronavirus (COVID-19) (bizgateway.org.uk) or you can speak to an advisor from Monday to Friday, 9am to 5pm by calling 0116 3668487.

For all the latest information coronavirus (COVID-19) business support provided by the government please visit: Coronavirus business support (GOV.UK)

The Coventry and Warwickshire Growth Hub is collating key information, guidance and advice for business and employers to follow as the situation unfolds. Find all the latest information and updates: Coronavirus Outbreak Information and Updates (cwgrowthhub.co.uk)

Funding and support schemes

To find out what financial support schemes you may be eligible for use the business support finder to see what support is available for you and your business. Please visit: Financial support for businesses (GOV.UK)

Self-employment income support scheme

If you're self-employed or a member of a partnership and have lost income due to coronavirus you can claim a grant through the coronavirus Self-employment Income Support Scheme. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next three months, and capped at £7,500 altogether.   For details visit: Self-employed income support scheme (GOV.UK)

This scheme is being extended. You’ll be able to make a claim for a second and final grant in August 2020. If you’re eligible the second and final grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total. For details visit: Self employed income support scheme (GOV.UK)

Coronavirus job retention scheme

The Coronavirus Job retention scheme is a temporary scheme open to all UK employers starting from 1 March 2020. Employers can claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. For full details on what you’ll need and how to claim visit: Claim for wages and job retention scheme (GOV.UK)

The Coronavirus Job Retention Scheme is changing. From 1 July, employers can bring furloughed employees back to work for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked. From 1 August 2020, you will be asked to contribute towards the cost of your furloughed employees’ wages. To find out more visit: Claim for wage costs through job retention scheme (GOV.UK)

Coronavirus Business Interruption Loan Scheme (CBILS)

CBILS, managed by the British Business Bank is now available. The scheme provides the lender with a government-backed guarantee against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. The government will cover the first twelve months of interest payments and any facility arrangement fees charged by lenders, so businesses will benefit from no upfront costs and lower initial repayments. The maximum value of a facility provided under the scheme will be £5m. Note that the borrower always remains 100% liable for the debt. To find out more about the CBILS, please go to: Coronavirus Business Interruption Loan Scheme (CBILS) (british-business-bank.co.uk)

Any business interested in applying to CBILS should talk to their bank or finance provider (not the British Business Bank) as soon as possible and discuss their business plan with them.

Coronavirus bounce back loan

The coronavirus bounce back loan will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. The scheme will be delivered through a network of accredited lenders. To find out more visit: Coronavirus bounce back loan (GOV.UK)

Business rates

For general enquires about business rates in relation to government announcements for grants and reliefs please contact: [email protected] See also: business rates support and advice

Further information and support for your business

Working safely during coronavirus (COVID-19)

Guidance to help employers, employees and the self-employed understand how to work safely during the coronavirus pandemic. The government, in consultation with industry, has produced guidance to help ensure workplaces are as safe as possible. The guides cover a range of different types of work. Many businesses operate more than one type of workplace, such as an office, factory and fleet of vehicles. You may need to use more than one of these guides as you think through what you need to do to keep people safe. To view the guidance visit: Working safely during coronavirus (GOV.UK)

Offer coronavirus (COVID-19) support from your business

Use this service to tell the government how your business might be able to help with the response to coronavirus. You’ll be asked some questions about the type of support you can give. You’ll then be contacted as soon as possible if your support is needed. For further details visit: Offer Coronavirus support for businesses (GOV.UK)

HMRC and tax

HMRC COVID-19 tax helpline (GOV.UK): If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 024 1222.

Last updated: ‎24‎/‎06‎/‎2020‎ ‎10‎:‎02‎