Government support
The Government has outlined some financial support measures within their coronavirus business support package, including:
- 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 March 2021.
- 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 March 2021.
- The Self-Employment Income Support Grant Extension is now open to applications. To make a claim of the third grant your business must have had a new or continuing impact from coronavirus between 1 Nov 2020 and 29 Jan 2021. You must make your claim on or before 29 January 2021.
- 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 30 April 2021.
Support for businesses affected by Coronavirus restrictions
West Sussex is currently placed under Naional Lockdown restrictions (as of 5th January 2021). There are a number of Covid business support grants now open for businesses that have been required to close, as well as businesses that are struggling.
- The Local Restrictions Support Grant is for businesses that were open, but mandated to close due to Tier 4 and National Lockdown restrictions.
- The Additional Restrictions Grant is for businesses who have been impacted financially by the pandemic.
- The Closed Business Lockdown Payment is a one-off payment for businesses mandated to close due to National Lockdown restrictions.
- The Christmas support payment for Wet-Led Pubs is for any wet-led pub that brings in less than 50% of their income from food sales. This scheme closes on 31 January 2021.
These grant schemes are being adminstrated through the district & borough councils. More information will be available on your local council's website:
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.
Kickstart Scheme
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.
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.
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.
