The impact of the COVID-19 pandemic has put even previously healthy businesses under pressure. For many businesses, the range of measures put in place by the government present some hope – that they can retain staff and stay in business. Our resources will help you understand what support is available to you and how it can be accessed.
What funding is available?
The government is providing advice and support to support both large and small businesses. This includes a range of funding schemes, including:
- The Coronavirus Job Retention Scheme – a government grant available to all organisations to pay 80 percent of a retained, non-working, employee’s salary, capped at £2,500 per employee per month.
- Coronavirus Business Interruption Loan Scheme (CBILS) – up to £5 million available per business, with no interest for the first 12 months, to support lending to small and medium sized businesses with turnover of up to £45 million per year.
- Coronavirus Large Business Interruption Loan Scheme (CLBILS) – up to £200 million (with interest payments and fees paid by the borrower) is available for ‘mid market’ companies with turnover in excess of £45 million. There are more eligibility criteria and organisation must exhaust all other options first.
Other measures are also in place, such as the Covid Corporate Financing Facility (CCFF), relief on tax and business rates, and the ability for small and medium sized businesses to reclaim statutory sick pay.
How do you access the funding?
See our resources below for more detailed information on eligibility and guidance on how you can access government funding. Please also get in touch with your usual KPMG contact to discuss your situation in more detail.