New coronavirus business support finder tool

The Government has published a new ‘support finder’ tool to help businesses and self-employed people to determine what financial support is available.

The Government has published a new ‘support finder’ tool to help businesses and self-employed people to determine what financial support is available. Please see here.

A simple questionnaire takes business owners under a minute to complete and will signpost them to relevant government financial support they may be eligible for.

To support business, workers and the self-employed during the coronavirus outbreak, the Government has:

  • made up to £330 billion of loans and guarantees for businesses;
  • offered to pay 80% of the wages of furloughed workers, up to £2,500;
  • deferred the next quarter of VAT payments for firms, until the end of June;
  • introduced £20 billion in tax relief and cash grants to help businesses with cash flow;
  • introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses;
  • offered to cover the cost of statutory sick pay;
  • entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily;
  • introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month;
  • deferred Self Assessment payments due in July 2020 until 31 January 2021;
  • allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
  • suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; and
  • offered a three month extension for filing accounts with Companies House, to businesses hit by coronavirus.

If you would like to discuss any of the above, please contact your Finura adviser.

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