COVID finance2021-03-15T17:46:28+00:00

Harborough District Council: Discretionary Grant Schemes

Harborough District Council Economic Development Team are aware that a limited range of new government grants are being introduced to support businesses as restrictions are updated in the Harborough District and wider Leicestershire region.

We will add information to our website and update businesses via future bulletins, social media and the press as soon as things regularly change, and in line with government updates on restrictions and associated grant funding available.

We would also request that you do not contact Customer Services at Harborough District Council about this, as they are busy dealing with many other enquiries.

Click the link below to find out about grants now open under current restrictions.

Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.

British Business Bank operates CBILS via its accredited lenders. There are over 40 of these lenders currently working to provide finance.

A lender can provide up to £5 million in the form of:

  • term loans
  • overdrafts
  • invoice finance
  • asset finance

CBILS gives the lender a government-backed guarantee for the loan repayments to encourage more lending.

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This means smaller businesses will benefit from no upfront costs and lower initial repayments.

Claim back Statutory Sick Pay

Employers can claim back Statutory Sick Pay at the current rate of SSP that they pay to current of former employees for periods of sickness starting on and after 13th March 2020 caused by COVID-19 through the Coronavirus Sick Pay Rebate Scheme.

Businesses and organisations can use this scheme if they:

  • are claiming for an employee who’s eligible for sick pay due to coronavirus
  • had a PAYE payroll scheme that was created and started on or before 28 February 2020
  • had fewer than 250 employees on 28 February 2020

Ensure you keep accurate records of the reasons for absence, dates and details of the SSP qualifying days when an employee could not work.

Business Tax

Deferral of VAT payments due to coronavirus

If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:

  • defer the payment until a later date
  • pay the VAT due as normal

Self Assessment tax bill

Because of coronavirus (COVID-19), you can delay making your second payment on account. If you choose to delay, you’ll have until 31 January 2021 to pay it.

If you are having further difficulties paying your business tax, more help is available using HMRC’s Time to Pay service.

Corporate Financing Facility

The Bank of England will buy short-term debt from large companies under the COVID-19 Corporate Financing Facility (CCFF). This is to support companies by allowing them to finance their short-term liabilities.

Backed by the Bank of England, the scheme is being delivered through commercial lenders. It will be available for at least 12 months and will be extended if needed.

Business Rates

Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year. The relief will apply to your business rates bills for the 2020 to 2021 tax year. The same will also apply to nurseries.

If you receive small business rates relief or are in the retail, hospitality or leisure sector you may be eligible for a relief grant.

Support for Innovative Firms

On 20th April, the Chancellor announced a £1.25 billion government support package for UK business driving innovation and development.

  • package includes a £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector
  • SMEs focusing on research and development will also benefit from £750 million of grants and loans

The funding will be delivered in partnership with the British Business Bank and will provide UK-based companies with funding between£125,000 and £5 million.

The scheme will be launched in May.

Small Business Bounce Back Scheme

On Monday 27 April, a new 100% government backed loan scheme for small business was launched.

  • Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
  • Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form

Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced.

The scheme will launch for applications on Monday 4 May. Firms will be able to access these loans through a network of accredited lenders.

The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.

Looking for a business grant?

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