COVID-19 latest news for small businesses

Bounce Back loan scheme

The Government have announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up to £50,000, with the government guaranteeing 100% of the advance.

The ICAEW have published a news article setting out more detail on the scheme: Government launches new small business micro-loan scheme

VAT payment deferral

The UK government is supporting businesses during the coronavirus crisis by deferring VAT payments. VAT payments due before 30 June 2020 will not now need to be made until 31 March 2021.

HMRC guidance on this temporary change can be found here: Deferral of VAT payments due to coronavirus (COVID-19)

Cash grants for businesses receiving Small Business Rates Relief

For those businesses which occupy property and receive Small Business Rates Relief (Small Business Bonus Scheme in Scotland), cash grants of £10,000 will be available.

See the ICAEW summary of this scheme here for an overview.

The Coronavirus Business Interruption Loan Scheme (CBILS)

This loan scheme provides support for businesses to access funding if certain eligibility criteria are met.

See the ICAEW summary of this loan scheme here for an overview.

Creative or Tourism and Hospitality Enterprises Hardship Fund

The Scottish Government have launched this Fund to support small Scottish creative, tourism and hosptality companies who have experienced at least 50% loss of current or porjected revenue as a result of COVID-19 and have not been in receipt of any other COVID-19 related support other than the furlough scheme.

Full information can be found on the Scottish Govermnet/ Business Gateway support page here.