31 March 2020

Coronavirus – Economic Support Update 31.03

A wide range of support measures have been made available to UK businesses and employees.  Here's the latest summary of the economic support available and how to access it.

UK wide schemes

Coronavirus Business Interruption Loan Scheme (CBILS)
A UK wide scheme designed to help businesses affected by coronavirus to access loans of up to £5 million.

What is it?  Are you eligible?  How do you access it?  When can you access it?

Coronavirus Job Retention Scheme
A UK wide scheme open to all employers with employees on PAYE. Providing support to continue paying part of employees' salaries if they would otherwise have been laid off because of coronavirus.

What is it?  Are you eligible?  How do you access it?  When can you access it?

Covid-19 Corporate Financing Facility (CCFF)
A UK wide scheme that enables the Bank of England to buy short-term debt from large companies.

What is it?  Are you eligible?  How do you access it?  When can you access it?

Self-employment Income Support Scheme (SEISS)
A UK wide scheme to support self-employed individuals (including members of partnerships) whose income has been negatively impacted by coronavirus.

What is it?  Are you eligible?  How do you access it?  When can you access it?

More
For more scheme details applicable across the UK (including sick pay, tax and VAT deferment schemes) and specifically in England, please visit the Government's Business Support website here.

Wales

The Welsh Government has set out a range of support measures in a £1.4 billion business support package to help businesses across Wales.

Capital Repayment Holidays
The Welsh Government has announced the Development Bank of Wales will be offering all its business customers a three-month capital repayment holiday to help them manage the financial fallout from the virus. More here.

Economic Resilience Fund
The £500m fund will support Welsh firms of all sizes, including social enterprises, with a focus on those which have not already benefited from coronavirus grants. More here.

More
Visit the Coronavirus support for businesses section on the Welsh Government's website here.

Scotland

The Scottish Government has announced a package of measures worth £2.2 billion to support Scottish businesses.

Business Rates
Changes have been made to business rates in Scotland for 2020-2021 along with extra rates relief. More here.

Business Support Fund
Businesses in Scotland can apply to the Business Support Fund for a grant to help them deal with the impact of the outbreak. More here.

Scottish Enterprise Support
Business can use the Scottish Enterprise business support finder to find out what is available to them. More here.

More
Visit the Coronavirus guidance section on the Scottish Government's website here.

Northern Ireland

The Northern Ireland Executive has announced schemes that will provide some £370 million of assistance to some of Northern Ireland's most vulnerable businesses.

COVID Small Business Grant
Small business grant of £10,000 to be issued immediately with a cost of £267m providing support to 27,000 businesses in NI. This is for all businesses with a NAV up to £15,000. More here.

Business Rates
The Department of Finance has announced a £100m emergency rates package for businesses. All NI businesses will pay zero rates for the next three months (April, May, June). This automatically reduces rates by 25%, in addition to any existing rate reliefs. This applies to all businesses and does not need to be repaid. More here.

Invest NI
Visit the support section on the Invest NI website here.

More
See announcements from Northern Ireland's Department for the Economy here.
See announcements from Northern Ireland's Department of Finance here.
See announcements from the Northern Ireland Executive here.

Please continue to regularly check our website for further updates as the situation evolves.