A summary of Government support for businesses during the Coronavirus Crisis
In response to the Coronavirus Crisis, the UK Government has set out a number of measures to support businesses and their employees through these times:
- A statutory sick pay relief package for SMEs
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- A job retention scheme providing employers with the facility to retain staff with support of up to 80% of their wages.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- The HMRC Time To Pay Scheme
How We Can Help
Ringrose Business Finance is here to support you with your questions about business loans during this time. We would recommend Cottons London, the London branch of top 100 Firm Cottons Chartered Accountants, for support regarding other relief schemes.
Please note: Ringrose Business Finance is a business finance brokerage, however, we are not able to broker a business loan provided in line with the Coronavirus Business Interruption Loan Scheme (CBILS), neither are we able to give you specific CBILS financial advice. The information provided here is designed as a guide to help you. Please do not solely rely on the information provided on this page.
Who can help you?
For advice you should should speak to an accredited financial advisor or lender, Government body or accountant (as noted above). To find your own accredited lender or partner, talk to us or visit the Accredited Lenders and Partners page published by the British Business Bank.
Getting a Business Loan in 2020
For information about Government Backed, Non-Government Backed and Personal Loans at this time please see the following page: Business Loans During the Coronavirus Crisis