The below assistance is or will shortly be available to businesses affected by the current circumstances. Very sadly we have seen scam email and phone traffic today offering ‘help’ in securing additional RD funding. This is bogus and NOT the case, the Gov support is only that listed below, and the usual RD breaks apply at the moment and are unlikely with the exception of the uplift in large company RDEC to 13% to change. But please also remember to check for Grant funding opportunities as listed on our News page.
Latest Gov.UK Support –
- reimbursement of up to 80% of wage costs for businesses that retain staff on a furloughed basis;
- deferral of all VAT payments until the end of June;
- the ability for some small and medium-sized businesses to reclaim statutory sick payments;
- a 12month holiday from business rates for retail, hospitality and leisure businesses and nurseries in England;
- cash grants of up to £25,000 to retail, hospitality and leisure businesses operating from smaller premises;
- cash grants of £10,000 to businesses currently receiving small business rate relief and/or rural rate relief;
- the new Coronavirus Business Interruption Loan Scheme making available funding of up to £5m to SMEs (which was substantially tweaked on 3 April following feedback from business); and
- the COVID-19 Corporate Financing Facility, allowing larger businesses to raise short-term debt from the Bank of England.
Please consult official website assistance or us for clarity at this difficult time.