{"id":7415,"date":"2020-08-17T09:50:26","date_gmt":"2020-08-17T08:50:26","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=7415"},"modified":"2026-01-29T10:11:31","modified_gmt":"2026-01-29T10:11:31","slug":"coronavirus-financial-support-business","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/coronavirus-financial-support-business\/","title":{"rendered":"Coronavirus: What financial support is available for your business?"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tCoronavirus: What financial support is available for your business?\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tAdam Prince<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Editor’s note: We’ve created an article on the government’s Winter Economy Plan<\/a>, which features information on new measures and extensions to existing ones that we’ve covered below. Read it for the latest details on coronavirus support<\/a>.<\/em><\/p>\n\n\n\n

With businesses around the country facing increasing levels of uncertainty due to coronavirus, the UK government has announced a series of financial support measures to help them.<\/p>\n\n\n\n

But what does this mean for your business?<\/p>\n\n\n\n

In this article, we provide details on the financial support that is available for your business and how you can access it. We cover the following:<\/p>\n\n\n\n

VAT rate cut for hospitality and tourism businesses<\/a><\/p>\n\n\n\n

Bounce Back Loan Scheme<\/a><\/p>\n\n\n\n

Self-Employment Income Support Scheme<\/a><\/p>\n\n\n\n

Coronavirus Job Retention Scheme\u200b<\/a><\/p>\n\n\n\n

Job Retention Bonus\u200b<\/a><\/p>\n\n\n\n

Coronavirus Business Interruption Loan Scheme\u200b<\/a><\/p>\n\n\n\n

Coronavirus Large Business Interruption Loan Scheme\u200b<\/a><\/p>\n\n\n\n

Future Fund<\/a><\/p>\n\n\n\n

Grants and loans for SMEs focused on research and development<\/a><\/p>\n\n\n\n

Reimbursement of Statutory Sick Pay<\/a><\/p>\n\n\n\n

VAT deferral\u200b<\/a><\/p>\n\n\n\n

Income Tax deferral for self-employed individuals<\/a><\/p>\n\n\n\n

HMRC Time to Pay<\/a><\/p>\n\n\n\n

\u00a310,000 Small Business Grant Scheme<\/a><\/p>\n\n\n\n

\u00a325,000 Retail and Hospitality Grant Scheme<\/a><\/p>\n\n\n\n

Business rates holiday<\/a><\/p>\n\n\n\n

Ban on evictions for commercial tenants who miss rent payments<\/a><\/p>\n\n\n\n

Charity sector funding support<\/a><\/p>\n\n\n\n

We’ve also spoken to decision makers at small and medium-sized businesses to get their views on coronavirus, how it’s impacted their companies, and the support provided by the government.<\/p>\n\n\n\n

You’ll find the survey results in our report, 3 months on: Learning from lockdown<\/a>.<\/p>\n\n\n\n

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Download your free Managing Uncertainty guide to help you create business continuity plans that keep your company moving during uncertain times<\/a><\/div>\n<\/div>\n\n\n\n

VAT rate cut for hospitality and tourism businesses<\/h2>\n\n\n\n

What is it?<\/strong><\/h3>\n\n\n\n

A cut in VAT<\/a> that will be in place for six months, starting from 15 July 2020 and ending on 12 January 2021.<\/p>\n\n\n\n

Who is eligible?<\/strong><\/h3>\n\n\n\n

Businesses within the hospitality and tourism sector (including pubs, bars, restaurants, hotels, B&Bs, and entertainment attractions) are eligible for the VAT rate cut.<\/p>\n\n\n\n

What it covers<\/strong><\/h3>\n\n\n\n

VAT is being cut from 20% to 5% on most goods and services supplied by the tourism and hospitality sectors.<\/p>\n\n\n\n

The cut is applicable for accommodation, admission to entertainment attractions, non-alcoholic drinks, and food.<\/p>\n\n\n\n

How your business can access it<\/h3>\n\n\n\n

There’s no need to apply. We’ve created an article on the Summer Statement<\/a> from the chancellor and it features more details on the changes to VAT<\/a>.<\/p>\n\n\n\n

Bounce Back Loan Scheme<\/h2>\n\n\n\n

What is it?<\/h3>\n\n\n\n

A loan scheme offering support to eligible businesses that have been negatively affected by coronavirus. The scheme is being delivered by a number of accredited lenders<\/a>.<\/p>\n\n\n\n

Who is eligible?<\/h3>\n\n\n\n

Small and medium-sized enterprises (SMEs) based in the UK are eligible for the Bounce Back Loan Scheme<\/a>. Another eligibility clause is that your business was not an ‘undertaking in difficulty’ on 31 December 2019.<\/p>\n\n\n\n

Notably, if your business is already claiming funds via the Coronavirus Business Interruption Loan Scheme<\/a>, you won\u2019t be eligible for this loan scheme.<\/p>\n\n\n\n

However, if you\u2019ve received a loan up to \u00a350,000 via that scheme and want to transfer it to the Bounce Back Loan Scheme, you have until 4 November 2020 to arrange this.<\/p>\n\n\n\n

In addition, the following businesses aren’t eligible for this scheme:<\/p>\n\n\n\n