Support for small and medium-sized businesses

£1000 Christmas grant for 'wet-led pubs'

Prime Minister Boris Johnson has announced (Tuesday 1 December) an additional £1,000 Christmas grant for ‘wet-led pubs’ in tiers 2 and 3 who will miss out on much needed business during the busy Christmas period. 

  • Pubs that predominantly serve alcohol rather than provide food have been asked to make huge sacrifices over the festive season and will be eligible for a one-off £1000 to help make ends meet.
  • The payment will be a one-off for December and will be paid on top on the existing £3,000 monthly cash grants for businesses. This will cover those in tiers 2 and 3 forced to reduce their operations as a result of the latest regional measures put in place to contain transmission of the virus.

The government’s support for the pubs sector, following the extension of the furlough scheme and the business rates holiday which are extended until April 2021.

Read more here

Bounce Back Loan Scheme (BBLS)

Please note that as of 17 December, the Government has announced that the Bounce Back Loan Scheme (BBLS) will be extended until 31 March 2021.

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus breakdown. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year

Read guidance  

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VAT Tax cuts and deferrals

Find out how to pay VAT payments deferred between 20 March and 30 June 2020. You can pay now or get ready to opt in to the VAT deferral new payment scheme.

  1. Pay your deferred VAT
  2. If you want to opt in to the new payment scheme
  3. Get ready to opt in to the new payment scheme
  4. If you are not able to pay your deferred VAT

Read more here

Business Interruption Loan scheme

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19).  

The 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.

The scheme is open until 31 March 2021.

 APPLY AND GUIDANCE ON THE SCHEME

Coronavirus Statutory Sick Pay Rebate Scheme 

If you're an employer, find out if you can use the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees' coronavirus-related Statutory Sick Pay (SSP). The online service you’ll use to claim back Statutory Sick Pay (SSP) is now available.

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees.

Find out more here

Future Fund Scheme

The Government has announced an extension to the Future Fund. The Future Fund will now close for new applications on Sunday, 31 January 2021. Please note that only one application per Investee Company can be accepted by the Future Fund. Future Fund issues convertible loans to innovative UK companies with good potential, that typically rely on equity investment and are currently affected by COVID-19. The scheme will help these companies through the current period of economic disruption and the recovery, so they are able to continue their growth trajectory and reach their full economic potential. The scheme is designed by government and delivered by the British Business Bank.

Apply here

Pay it forward

Pay It Forward is part of the London Growth Hub’s wider support offer for London’s businesses. This includes an online hub of essential resources and free one-to-one telephone and virtual support. Find out more here

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