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AAB / Blog / COVID-19 Support for Small Businesses
BLOG16th Apr 2020
With current uncertainty due to the COVID-19 pandemic, this is a concerning time for small business owners. We have outlined the support measures available to small businesses announced by the government below, full details can be found on the government’s COVID-19 website.
Businesses that pay little or no business rates – Please note the closing date for applications for the cash grants was 10 July 2020
Bounce Back Loans – Please note that the scheme closed to new applications on 31 March 2021
The UK government has announced a new fast-track finance scheme, providing loans with a 100% government-backed guarantee for lenders. The new “Bounce Back Loans” scheme will provide small businesses with loans between £2k and £50k.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days.
Coronavirus Business Interruption Loan Scheme (CBILS) – Please note that the scheme closed to new applications on 31 March 2021
CBILS was announced by the government, and opened for applications from 23 March 2020. CBILS allows UK companies with viable businesses to respond to cash flow issues during the COVID-19 outbreak.
The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. Proof that a business has insufficient security is no longer a condition to access the Scheme.
Pivotal Enterprise Resilience Fund – Please note this fund closed to applicants on 18 May 2020
The Scottish government announced the Pivotal Enterprise Resilience Fund, providing grants to businesses that play a critical role in supporting Scotland’s recovery, but needed some immediate support.
The aim for the grants was to support businesses that have the potential to continue trading and supporting employment, but were suffering from immediate cash flow challenges, to get them back up and running or maintain their current operations.
Support Packages Available to Innovative Businesses
The UK government has announced plans for a £1.25 billion coronavirus package to protect innovative UK businesses.
SMEs focusing on research and development (“R&D”) will benefit from £750m of support through a mix of grants and loans through Innovate UK.
Find out more about the support packages available.
Other Support Schemes Eligible to Small Businesses:
If you have any questions at all, please do not hesitate to contact us.
SPEAK TO US ABOUT SMALL BUSINESS SUPPORT
How AAB can help you with
Corporate Tax covers a broad and complex area of tax legislation, so we provide a suitably broad and comprehensively experienced team to support your business with pragmatic, commercial advice. Businesses of all sizes and types, and across a wide range of sectors, benefit from our comprehensive corporate tax compliance and advisory service. We have exceptionally knowledgeable tax teams distributed across our offices, ready to support you with their wealth of experience and expertise. We can manage your global tax exposure with a coordinated response that saves you having to seek advice from separate advisors.
Many businesses encounter challenges in implementing their strategies and generating traction. Our business advisory team provides effective tools for business owners at every stage of the lifecycle and approaches to overcome these obstacles. We offer guidance to help you achieve and maintain traction, while also ensuring accountability for you and your team. We can help you to understand your business performance and identify what you can do to improve profit and create time.
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