Additional Government support for small businesses

Top-up to business grant funds

A discretionary fund has been set up to accommodate certain small businesses in England previously outside the scope of the Government’s business grant funds scheme. This additional fund is aimed at small businesses with ongoing fixed property-related costs.

Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures. There will be three levels of grant payments, with the maximum being £25,000. Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.

Further guidance is due to be set out to local authorities shortly and we will update members further when we have more information.

Bounce Back Loans Scheme opens for applications

The Government Bounce Back Loans Scheme, which enables small businesses to apply for quick and easy-to access loans of up to £50,000, is now open for applications (as of Monday 4th May).

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. Once an application has been made, if it is approved businesses can expect the cash to reach them within days.

You cannot apply for a Bounce Back Loan if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

Find out more and apply here.

Government support for businesses

The Government has shared this useful reference table to illustrate the different support schemes available depending on the size of your business:
 

For more information on support for businesses and individuals, please visit our COVID-19 section.