Posted: March 27, 2020 By Kieran Darmody

COVID-19: Everything you need to know about financial support for businesses

Over the past couple of weeks, the Government has announced lots of financial support for small businesses. To round this week off, we thought it would be useful to put this into one place for you.

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Over the past couple of weeks, the Government has announced lots of financial support for small businesses. To round this week off, we thought it would be useful to put this into one place for you.

Coronavirus Business Loan Interruption Scheme (CBILS)

This is available for any small business with a turnover up to £45 million and provides up to £5 million per business in the form of loans, overdrafts, invoice finance or asset finance for up to 6 years. This finance is interest-free for the first 12 months and is being delivered through lenders who are part of the British Business Bank’s scheme. You can find out how to apply here.

Retail, hospitality and leisure grant

Businesses in the retail, hospitality and leisure sectors can access a cash grant of up to £25,000 per property. Small businesses in these sectors with a property that has a rateable value of £15,000 and under will receive a grant of £10,000. Your local authority will contact you directly if you are eligible for the grant.

Self-employed workers

The Government has announced a new self-employed income support scheme which will see the Government pay self-employed workers a taxable grant worth 80% of their average monthly profits from the last 3 years (or less if appropriate) up to £2,500 per month. The scheme will be up and running from June. Self-employed workers can access the Coronavirus Business Loan Interruption Scheme in the meantime, as well as universal credit in full. You can find out more here.

It is worth noting that along with this financial support, the Government has also announced additional help including the Coronavirus Job Retention Schemestatutory sick payVAT deferrals and a business rates holiday.

For more information on any of these schemes, help on how to apply or more information about how Liberis Finance could support with funding that is paid for as your customers pay you, please get in touch with one of our friendly agents. We’re here for you and your small business and happy to help.

Any links to other sites, are provided for your information only. If you access other sites using the links provided, we accept no responsibility for the content of those sites. 

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