Government support for businesses
There are several schemes that have been set up by the government to provide financial support for businesses.
Coronavirus Business Interruption Loan Scheme
Triodos Bank is now an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS). CBILS offers facilities up to £5m, available on repayment terms up to six years for term loans and up to three years for overdrafts. The scheme provides the lender with a government-backed guarantee against the outstanding facility balance. There is no guarantee fee for SMEs to access the scheme.
Coronavirus Job Retention Scheme
All UK employers with a PAYE scheme are able to access this support in order to continue paying part of the salary for those employees who would otherwise have been laid off during this crisis (‘furloughed workers’).
Statutory Sick Pay Rebate
This initiative allows small and medium-sized businesses to reclaim Statutory Sick Pay paid for staff absence due to coronavirus
HMRC tax helpline
HMRC has set up a helpline for businesses and self-employed people who are concerned about paying their tax due to COVID-19.
Three-month VAT Deferral
Defer Valued Added Tax (VAT) payments due between 20 March 2020 and 30 June 2020
Small business grant funding
Available for small businesses in England that already pay little or no business rates because of small business rate relief, rural rate relief and tapered relief.
Some aspects of business support are devolved. For business support outside of England go to Scotland, and Wales.
Support for charities and social enterprises
Guidance for charities is available from:
- The Charity Commission - for charities in England and Wales.
- The Scottish Charity Regulator (OSCR)
Support and resources for social enterprises has been compiled by:
The Good Finance Resource Hub
Good Finance has set up a resource hub offering information, resources and tools to support charities and social enterprises through COVID-19.
Support for retail, hospitality and leisure sectors
Business rates holiday
Available in England for the 2020-21 tax year.
Cash grants
Available in England, of up to £25,000 per property.
Support for arts and culture sector
Arts and culture organisations can find advice, emergency measure and funding from:
Support for health and social care sector
Health and social care organisations are provided with guidance by:
- Care Quality Commission (CQC) for England
- Scottish Care Inspectorate
- Care Inspectorate Wales
Support for early years sector
Business rates holiday for nurseries
Available in England for the 2020-21 tax year.
Support for food and agriculture sector
The Soil Association is providing support for sustainable food and agriculture organisations.
Coronavirus support for businesses
The Covid-19 outbreak reminds us of our interdependency as human beings and that a global crisis like this one, affects all of us. At Triodos Bank UK, our customers come first and we’re here to support you through this uncertain time. Find out more about support from the bank, including fraud advice and frequently asked questions.
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