Government support
The Government has outlined some financial support measures within their coronavirus business support package.
- The coronavirus Bounceback Loan scheme (BBLS) will help small and medium-sized businesses to borrow between £2,000 and £50,000. The Government will guarantee 100% of the loan and there will not be any fees or interest to pay for the first 12 months. This scheme is open to applications until 31 January 2020.
- The Coronavirus Business Interruption Loan Scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The Government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. This scheme is open until 31 January 2021.
- The Self-Employment Income Support Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering Novemeber 2020 to January 2021 and February 2021 to April 2021. Further guidance from Government will be released in due course.
- The Coronavirus Job Retention (Furlough) Scheme allows eligible businesses to claim back some of your employee's wages if staff have been put on furlough or flexible furlough because of coronavirus. This scheme is open until 31 March 2021.
- The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce.The company will continue to pay its employee for time worked, but the cost of hours not worked will be split between the employer, the Government (through wage support) and the employee (through wage reduction), and the employee will keep thier job. Note: This scheme has been delayed due to the extension of the Coronavirus Job Retention (Furlough) Scheme.
Local Restrictions Support Grant
Following the announcement of New National Restrictions in England, from 5 Nov - 2 Dec, Government also outlined financial support for businesses required to close during this time.
The Local Restrictions Support Grant and the Additional Restrictions Grant are being administrated through the district and borough councils. You can find further information on their websites.
For more information on all the financial schemes and support made available by Government including, who is eligible and how to apply, visit the Government’s Financial Support for Business pages.
The Kickstart Scheme is a £2 billion fund designed to create high quality, 6-month work placements for young people aged 16-24, who are claiming universal credit. The Government will fund 100% of the relevant National Minimum Wage for 25 hours per week, plus associated employer National Insurance contributions and employer minimum automatic enrollment contributions for 6 months. £1,500 is also available per placement to support and train the young person.
This scheme is open to any organisation or business operating in any sector. The Sussex Chamber of Commerce are acting as an intermediary or "gateway" organisation to co-ordinate job placemnets and funding for local businesses and organisations.
ERDF Visitor Economy and Wider Economy Grant SME Grants
Coast to Capital LEP has announced further funding available for eligible SMEs in the LEP area. There are two funding streams; Visitor Economy (Kickstart Tourism) and Wider Economy (Restart & Recovery SME).
Eligible SMEs can access grants of between £1,000-£3,000 for specialist advice or equipment/technology. The funding aims to support SMEs affected by COVID-19 respond to the immediate challenges they face, and to adapt, diversify or repurpose in order to strengthen their capacity to recover.
The scheme will be launched on Monday 30 November 2020 and full applications will need to be returned by Monday 7 December 2020. Find further details on the scheme and how to apply.
Financial support and grants are also being provided for individuals, businesses and employers in particular sectors:
The Creative Industries Federation has announced a partnership with Crowdfunder's Pay It Forward scheme. The scheme provides an online platform to enable creative businesses and individuals to pre-sell tickets, products, bookings and services now, to be redeemed later.
The Sustainable Innovation Fund has been announced by Government to help support innovative businesses to bounce back from the impact of coronavirus. The £200 million package is being delivered through Innovate UK and will help companies keep their cutting-edge projects and ideas alive.
Let's Do Business Finance are an accredited delivery partner of the Coronavirus Business Interruption Loan Scheme delivered by British Business Bank to support businesses through the pandemic. Loan amounts are up to £150,000 and businesses must be based in Sussex, Surrey, Kent, Hampshire, Essex, Suffolk, Norfolk, Cambridgeshire or Hertfordshire. This scheme ends of 30 September 2020.
