The UK government and devolved administrations have been developing and announcing a range of measures aimed at supporting the economy, businesses and workers through the COVID-19 crisis.
Policy |
To support larger firms, the Bank of England will operate a new lending facility to provide a quick and cost effective way to raise working capital via the purchase of short-term debt. The CCFF will be a credit easing scheme targeted at addressing the disruption to cash flows of companies resulting from Covid-19. The scheme will focus on purchasing newly-issued Commercial Paper from eligible companies. The CCFF is unlimited in size. The scheme went live on Monday 23 March and is set to run for at least 12 months. On 19 May 2020, the Treasury announced that issuers participating in the CCFF may be required to commit to restraint on their capital distributions and on senior pay. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
Eligibility for the facility will be based on firms’ credit ratings prior to the Covid-19 shock. The scheme is open to all non-financial businesses who will also be judged, in part, on whether or not they:
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How to apply |
Applications can now be made through the Bank of England's website. |
Further information |
Further details of the scheme can be found at the Bank of England More information on the eligibility criteria can be found at the Bank of England Further details of the scheme can be found at the Treasury |
Policy |
A scheme aimed at supporting SMEs to access bank lending and overdrafts, which will be delivered through the British Business Bank. Key provisions include:
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Jurisdiction |
UK-wide |
Eligibility Criteria |
Applicants must:
Further criteria can be found here. Additional Information:
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How to apply |
Any small business interested in applying should approach their lender in the first instance or one of the 40+ accredited lenders with their borrowing proposal. The British Business Bank states that applications should take no longer than a standard application. The scheme is now open. |
Further information |
Further details of the scheme can be found at the British Business Bank |
Policy |
The CLBILS scheme will provide a government guarantee of 80% to enable banks to make loans of up to £200m to firms with an annual turnover of more than £45m. Finance terms can last for between three months to three years and is available in the form of:
It is delivered through commercial lenders, backed by the British Business Bank with the government providing lenders with an 80% guarantee on individual loans for businesses. The scheme is now live. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
Businesses must:
Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000. Excluded sectors include:
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How to apply |
Any small business interested in applying should approach their lender in the first instance or one of the 40+ accredited lenders with their borrowing proposal. The British Business Bank states that applications should take no longer than a standard application. |
Further information |
Further details of the scheme can be found at the British Business Bank |
Policy |
Under this scheme all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during the crisis. The government will pay up to 80% of a worker’s wages, up to a total of £2,500 per worker each month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that subsidised wage. These payments will be backdated to 1 March and the scheme will run until October 2020. HMRC are working to set up a system for reimbursement as existing systems are not set up to facilitate payments to employers. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
All UK businesses. Eligibility for employees has been extended to 19 March 2020. It had previously been set at 28 February 2020. |
How to apply |
Business must designate affected employees as ‘furloughed workers,’ and notify its employees of this change. Business should be aware that changing the status of employees' remains subject to existing employment law. Businesses should submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal. |
Further information |
Further details of the scheme can be found at the Department of Business, Energy and Industrial Strategy and at the Business Support website |
Policy |
The TFSME will offer four-year funding of at least 10% of participants’ stock of real economy lending at interest rates at, or very close to, Bank Rate. The Scheme is intended to:
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Jurisdiction |
UK-wide |
Eligibility Criteria |
Banks and building societies that are participants in the Bank of England’s Sterling Monetary Framework (SMF) and that are signed up to access the Discount Window Facility (DWF). SMF participants that are not already signed up to the DWF can apply for access alongside applying to use the TFSME. Institutions that are not currently SMF participants can apply to join, subject to the Bank of England's usual eligibility criteria. |
How to apply |
Applications can be made from mid-March 2020 when further documentation will be made available. The scheme opened on 15 April 2020. |
Further information |
Further details of the scheme can be found at the Bank of England |
Policy |
All businesses in the retail, hospitality and leisure sectors will pay no business rates in England and Scotland for the 2020/2021 tax year. There will be no rateable value threshold on this relief – businesses large and small will benefit. The Scottish Government also announced that Scottish airports will get 100% rates relief for a year, as will organisations providing handling services for scheduled passenger flights at Scottish airports. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
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How to apply |
The government has said that this will apply to the next council tax bills issued in April 2020. The government advises businesses to direct enquiries on eligibility for, or provision of, the reliefs to the relevant local authority. |
Further information |
Further details of the scheme can be found at the Ministry of Housing, Communities and Local Government and at the Department of Business, Energy and Industrial Strategy Corresponding commitments have been made by the Scottish government |
Policy |
The UK Government announced there would be support for small businesses, and businesses in the retail, hospitality and leisure sectors. Under the SBGF all eligible businesses in England in receipt of either Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR) in the business rates system will be eligible for a payment of £10,000. Eligible recipients will receive one grant per property |
Jurisdiction |
England only |
Eligibility Criteria |
Businesses with a property on the 11 March 2020 that was eligible for SBRR, including those with a Rateable Value between £12,000 and £15,000 which receive tapered relief. Businesses which on 11 March 2020 were eligible for relief under the RRR Scheme are also eligible for this scheme. Recipients cannot receive both SBGF and RHLG (below) on the same property. |
How to apply |
Eligible businesses will be contacted by the relevant local authority. |
Further information |
Further details of the scheme can be found at the Department of Business, Energy and Industrial Strategy |
Policy |
The UK Government announced there would be support for small businesses, and businesses in the retail, hospitality and leisure sectors. Under the RHLG eligible businesses in England in receipt of the Expanded Retail Discount with a rateable value of less than £51,000 will be eligible for a cash grants of £10,000 or £25,000 per property. Eligible recipients will receive one grant per property. |
Jurisdiction |
England only |
Eligibility Criteria |
Properties which on the 11 March 2020 had a rateable value of less than £51,000 and would have been eligible for a discount under the business rates Expanded Retail Discount Scheme had that scheme been in force are eligible for the grant. Charities which would otherwise meet this criteria but whose bill for 11 March had been reduced to nil by a local discretionary award should still be considered to be eligible for the RHL grant. Recipients cannot receive both SBGF (above) and RHLG on the same property. |
How to apply |
Eligible businesses will be contacted by the relevant local authority. |
Further information |
Further details of the scheme can be found at the Department of Business, Energy and Industrial Strategy |
Policy |
The Scottish Government announced its own grant scheme for retail, hospitality and leisure businesses with a rateable value between £18,001 and £51,000, who will be able to apply for a one-off grant of £25,000. A one-off grant of £10,000 will also be available to small businesses who get:
The Scottish Government's scheme will provide a 100% grant on the first property, and a 75% grant on all subsequent properties for all small business rate payers. |
Jurisdiction |
Scotland only |
Eligibility Criteria |
Businesses must be:
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How to apply |
The Small Business Grant Fund will be in place to receive applications on 5 May 2020. |
Further information |
Further details of the scheme can be found at the Scottish Government |
Policy |
The scheme will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The government has made an initial commitment of £250 million to the scheme, and it will deliver the scheme in partnership with the British Business Bank. The headline terms of the Future Fund set out:
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Jurisdiction |
UK-wide |
Eligibility Criteria |
Businesses must:
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How to apply |
Applications can be made via the British Business Bank |
Further information |
Further details of the scheme can be found at the British Business Bank |
Policy |
The government has introduced this scheme to retain capacity within the apprenticeships and adult education sector. Therefore, in line with Cabinet Office guidance the government is introducing payment measures in the form of a provider relief scheme. The scheme is aimed at further education colleges, independent training providers, higher education institutions and other organisations who hold contracts for services to deliver adult education or apprenticeship provision for smaller employers that do not pay the levy (non-levy). |
Jurisdiction |
England |
Eligibility Criteria |
To be eligible to apply for support a provider must hold a direct contract that was procured as a service under Public Contract Regulations 2015. Detailed eligibility criteria can be found here. |
How to apply |
Applications can be made online, via the Education and Funding Skills Agency. |
Further information |
Further details of the scheme can be found at the Education and Funding Skills Agency. |
Policy |
The scheme will provide loans of up to £50,000 to small and medium sized businesses which will be 100% guaranteed by the government. The loans will be interest free for the first 12 months and no repayments will be due during this time. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
A business can apply if it:
A business cannot apply if it is already claiming under the CBILS. |
How to apply |
Businesses applying for the scheme should approach one of the Accredited Lenders. More information on applying can be found at the British Business Bank. |
Further information |
Further details of the scheme can be found at the Department for Business, Energy and Industrial Strategy and the British Business Bank. |
Policy |
This Scottish Government grant is aimed at businesses that could play a critical role in supporting Scotland’s recovery but need immediate support. |
Jurisdiction |
Scotland |
Eligibility Criteria |
A business can apply if it:
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How to apply |
Applications can be made on the Scottish Government's partner website. |
Further information |
Further details of the scheme can be found on the Scottish Government's Business Support website. |
Policy |
Trade Credit Insurance provides cover for business to business transactions in sectors such as manufacturing and construction. To overcome the impact Covid-19 is having on some businesses, the government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance. The scheme will be delivered through a temporary reinsurance agreement with insurers currently operating in the market. The government has said it will be provisionally in place until the end of the year, but is designed to overcome the economic challenges caused by Covid-19. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
The scheme will provide cover trading by domestic firms and exporting firms. |
How to apply |
Awaiting further details |
Further information |
The UK government has committed to publishing further details in due course. The government will work with businesses and the industry on the full details of the scheme to ensure firms are supported and risk is appropriately shared between the government and insurers. |
Policy |
The government has introduced legislation to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. Employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19. Employers should maintain records of staff absences and payments of SSP, but employees will not need to provide a GP fit note. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
This refund will cover up to two weeks’ SSP per eligible employee who has been off work because of COVID-19. Employers with fewer than 250 employees will be eligible - the size of an employer will be determined by the number of people they employed as of 28 February 2020. Eligible period for the scheme will commence the day after the regulations on the extension of Statutory Sick Pay to those staying at home comes into force. |
How to apply |
Further detail is expected but the government has committed to working with employers over the coming months to set up the repayment mechanism for employers as soon as possible. |
Further information |
Further details of the scheme can be found at the Department of Business, Energy and Industrial Strategy |
Policy |
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
All businesses and self-employed people with outstanding tax liabilities. |
How to apply |
To access the scheme, businesses should contact HMRC. |
Further information |
Further details of the scheme can be found at the Department of Business, Energy and Industrial Strategy |
Policy |
The government has said that businesses that have cover for pandemics and government-ordered closure should be covered by the announcements that the government has made on the subject of social distancing. However it advised that insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
N/A |
How to apply |
N/A |
Further information |
Further details of the scheme can be found at the Association of British Insurers |
Policy |
Companies House has issued guidance that allows businesses to apply for an extension to the deadline for submitting their accounts, should a company be affected by COVID-19. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
Appeals are treated on a case-by-case basis. Appeals based upon COVID-19 will be considered under these policies, and will be considered under policies already in place to deal with appeals based upon unforeseen poor health. |
How to apply |
To apply, businesses need to provide the following information:
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Further information |
Further details of the scheme can be found at Companies House |
Policy |
The chancellor has announced an agreement with mortgage lenders that they will offer a three month mortgage holiday for borrowers in financial difficulty due to coronavirus. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
A payment holiday will be available to all customers who are up to date on their mortgage payments. A payment holiday will also be available to all Buy-to-Let landlords whose tenants have lost income because of the impact of COVID-19. Landlords are expected to pass on this relief to their tenants to ensure that they are supported during this time. Customers will still owe the money where a payment holiday has been granted and interest will still accrue. |
How to apply |
Customers should contact their mortgage lender for more information. |
Further information |
Further details of the scheme can be found at the Treasury Further details of the scheme can also be found at UK Finance |
Policy |
Businesses will have their VAT payments deferred for three months, and self-employed Income Tax payments will be deferred from July 2020 to January 2021. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
All UK businesses. |
How to apply |
No application necessary, this is an automatic scheme. |
Further information |
Further details of the scheme can be found at the Department for Business, Energy and Industrial Strategy |
Policy |
The scheme provides those eligible with a cash grant worth 80% of their average monthly trading profit over the last three years. The income support scheme is being designed by HMRC from scratch, will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 months, and will start to be paid at the beginning of June. To qualify, more than half of their income in these periods must come from self-employment. |
Jurisdiction |
UK-wide |
Eligibility Criteria |
To qualify workers must: Be self-employed or a member of partnership;
An applicants trading profits must also be no more than £50,000 and more than half of your total income for either:
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How to apply |
HMRC will identify eligible taxpayers and contact them directly with guidance on how to apply. HMRC has also launched an eligibility tool for potential customers of the scheme. |
Further information |
Further details of the scheme can be found at HMRC and at the Business Support website |
Policy |
The government has announced its intention to amend insolvency law to give companies breathing space and keep trading while they explore options for rescue. This change follows a government consultation on introducing new insolvency restructuring procedures in August 2018. |
Jurisdiction |
Generally, UK-wide with some exceptions in Scotland. |
Eligibility Criteria |
Awaiting further information |
How to apply |
Awaiting further information |
Further information |
Further details of the scheme can be found at the Department for Business, Energy and Industrial Strategy |