Schemes, loans and funding for businesses
If the NHS Test and Trace Service has told you to self-isolate you may be able to get some financial help.
Find out more about the NHS Test and Trace support payment scheme
You can claim a grant through the Coronavirus Self-employment Income Support Scheme.
This scheme will support the self-employed individuals whose income has been negatively impacted by COVID-19 claim a taxable grant worth 80% of their trading profits. This includes members of partnerships.
This would be up to a maximum of £2,500 per month, for the next 3 months. This is with the view to extend if necessary.
Find out more details about the Self-employment Income Support Scheme
HRMC will reimburse 80% of furloughed workers usual monthly wage. This is up to a cap of £2,500 a month plus the associated Employer National Insurance Contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution).
The Coronavirus Job Retention Scheme will cover the cost of wages backdated to 1 March 2020.
Find out more and apply Coronavirus Job Retention Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) is available through participating lenders.
More about the Coronavirus Business Interruption Loan Scheme
The Kent and Medway Business Fund (KMBF) scheme has reopened.
We have launched two new loan schemes in response to the economic crisis caused by coronavirus (COVID-19). The schemes are available to help businesses to recover and return to growth.
Find out about the scheme on our Business funding page
The Arts Council has announced an emergency support package of £160 million to support the cultural sector.
They have also changed funding requirements for those who currently get funding.
To find out more about support for the creative sector visit our Creative sector support page.
The government has announced that there will be a business rate 'holiday' for 2020 to 2021. We are waiting for more details but have started to identify ratepayers who may be eligible.
The government has pledged £750 million to ensure VCSEs can continue their vital work supporting the country during the coronavirus outbreak. This includes £200 million for the Coronavirus Community Support Fund, along with an additional £150 million from dormant bank and building society accounts.
Find out more about financial support for VCSEs on GOV.UK.
Businesses have the option to defer VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow.
If you choose to defer your VAT payment as a result of Coronavirus, you must pay the VAT due on or before 31 March 2021
More about deferring VAT payments
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax through HMRC’s Time To Pay service.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
To discuss this contact HMRC's Coronavirus Helpline on 0800 024 1222.
The government has provided guidance on the operation of expanded retail discount for 2020/21: coronavirus response.
As a result, ratepayers who have recently received a new annual bill showing a 50% discount will now receive a revised bill showing a 100% discount.
The 100% discount has been extended to include properties completely or mainly used for leisure, hotels and assembly such as public halls. We’re working hard to ensure notices are issued within 7 to 10 days.
The Bounce Back Loan Scheme helps small and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 100% of the loan and there will not be any fees or interest to pay for the first 12 months.
The Kickstart Scheme provides funding to employers to create new 6 month job placements for 16 to 24 year olds currently on Universal Credit (UC)
For each job placement, the scheme will fund:
- 100% of the relevant National Minimum Wage for 25 hours a week
- the associated employer National Insurance contributions
- employer minimum automatic enrolment contributions
Applications must be for a minimum of 30 job placements. If you are unable to offer this many job placements, you can partner with other organisations to reach the minimum number.
Coronavirus support is available to employers and the self-employed.
You may be eligible for loans, tax relief and cash grants.
Use the GOV.UK business support finder to see what support is available for you and your business.
Other business support
Kent Community Foundation has started an Emergency Coronavirus Fund to support the voluntary and charity sector with grants of up to £10,000.
Kent Community Foundation (KCF) is offering resilience grants to voluntary organisations supporting residents in Kent and Medway adversely impacted by COVID-19.
Construction Industry Training Body (CITB) has set up an urgent message board in response to coronavirus.
The board offers guidance for businesses and individuals in the construction industry.
More about the CITB message board
The Kent and Medway Growth Hub has launched a free Covid-19 Business Support Helpline on 03333 602 300.
The dedicated helpline will be available Monday to Friday from 8:30am to 6:30pm and gives you:
- someone to tell you about the type of support you can get
- someone to signpost you to the correct provider of government support measures such as a local authority or HMRC
- a chance to request a call back from a Business Adviser to talk through the measures you can take and help you get support
- someone to talk to you and offer reassurance
- access to a qualified and highly experienced Business Adviser who can offer support and advice
- access to a live chat service that will be manned by Business Advisers dedicated to providing advice about coronavirus
Ask Phil is a free advice service from the Kent and Medway Growth Hub.