Financial support during COVID19 (Coronavirus)
During these difficult times there are many forms of financial support available, below is a summary of what’s on offer:-
- If you have to furlough your staff there are grants available to cover 80% of their salary costs, up to a maximum of £2,500. The portal is not yet up and running, but is expected to be in April.
- If you have business premises (even if you get small business rates relief) there are grants available of £10k. Check your local authority website for updates, Northumberland County Council and Newcastle City Council already have online claim forms. Businesses in some sectors such as hospitality and retail will be eligible for up to £25k
- Self employed people can claim a grant of up to 80% of their average earnings
- VAT deferment – you will need to cancel your direct debit to ensure payments are not taken automatically
- Business interruption loan scheme, contact your bank to see if you may be eligible
- Mortgage payment holidays – many banks now have an online form to apply for this
- Loan payment holidays – some banks (such as Barclays) have stated than an online form to apply for this is coming soon
- Apply for universal credit, this will be a financial life line to many people while they wait for other support to come through
If you have any questions please get in touch.