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Central Government Support

Up to the minute advice from the Government can be found here

This includes travel advice and guidance on staying at home, as well as ongoing key information related to Coronavirus.

An overview of announcements of support for businesses impacted by coronavirus (COVID-19) can be found here.

Please find a summary below of some of the most relevant Government support packages:

HMRC’s Time to Pay Service

Any business or self-employed people in financial distress and with outstanding tax liabilities may be eligible for support with tax.
For Time to Pay support if you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated Coronavirus helpline on 0800 0159 559.

Coronavirus Business Interruption Loan Scheme

What is it?
The temporary Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years.

The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank.

There are 40 accredited lenders able to offer the scheme, including all the major banks.

Am I eligible?
You are eligible for the scheme if:

 - your business is UK based, with turnover of no more than £45 million per year
 - your business meets the other British Business Bank eligibility criteria

How do I access it?
You should apply via your lender’s website or through one of the 40 accredited finance providers offering the scheme (and not the British Business Bank). Direct links to accredited finance providers offering the scheme in the Solent LEP area can be found below and a full list of accredited finance providers can be found here.

 

When can I access it?
The scheme is now open for applications. All major banks are offering this scheme.

How do I apply?

Click here to go to a page where you will be taken through the steps on how to apply.

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