Funding and Grant Options for SMEs

With lockdown three here and businesses once again under restrictions and feeling the strain of the Covid Crisis, I wanted to draw your attention to some of the funding and grant options out there for SME’s.

Your first port of call for should be https://www.gov.uk/government/collections/financial-support-for-businesses-duringcoronavirus-covid-19 for accessing any grants, funding or help. This website page set up by the government has a variety of information available to you and ways they can help.

Below I have summarised the main areas for you…

Coronavirus Job Retention Scheme:

Check if you can claim for wages through the Coronavirus Job Retention Scheme and find out how to claim.

https://www.gov.uk/government/collections/coronavirus-job-retention-scheme

Paying VAT:

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

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

Business rates relief:

Check if your retail, hospitality or leisure business is eligible for business rates relief due to coronavirus (COVID-19). We have introduced a business rates holiday for retail, hospitality and leisure businesses.

https://www.gov.uk/guidance/check-if-your-retail-hospitality-or-leisure-business-is-eligiblefor-business-rates-relief-due-to-coronavirus-covid-19

Self-employment Income Support:

If you’re self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-selfemployment-income-support-scheme

Business Interruption Loan Scheme:

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

https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loanscheme

I encourage you all to take time to look at the many routes to funding and help. If you need to talk anything through, please do get in contact.

Regards
Sherborne Chamber.

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