Financial support for businesses
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The Government's support finder tool helps businesses and self-employed people to quickly and easily determine what financial support is available to them during the Coronavirus pandemic.
They have also created a Business Support Hub which brings together information and guidance on the range of finance and support available to businesses.
If you can’t find the information that you need from the published information, advice and guidance, you can speak directly to an adviser on the Government's Business Support Helpline call freephone 08009981098.
Financial measures to support businesses through the economic uncertainty caused by the Coronavirus (COVID-19) include:
- South Cambridgeshire District Council have launched the Growth Fund grant scheme for local businesses looking for support to grow in size and scope. This is funded through the Government's Additional Restrictions Grant.
- A Coronavirus Job Retention Scheme where businesses may be able to claim for some employees' wages if they have been put on furlough or flexible furlough because of Coronavirus.
- The Self-employment Income Support Scheme (SEISS) supports self-employed people whose income has been negatively impacted by COVID-19. The fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021
- The Recovery Loan Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.
- A Statutory Sick Pay relief package for SMEs.
- The HMRC Time To Pay Scheme supporting businesses and self-employed people in financial distress, and with outstanding tax liabilities which will be agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. HMRC have launched a tax webchat and helpline to help businesses concerned about paying their tax due to Coronavirus.
If as an employer you cannot afford to pay your employees redundancy pay, you can apply to the Redundancy Payments Service (RPS) (part of a government agency called the Insolvency Service) for financial assistance. If approved, the RPS will make statutory redundancy payments directly to the redundant employees on your behalf.
The Government has issued guidance to help employers understand whether the scheme is right for them.
Arts Council National Lottery project grants
The Arts Council has reopened its National Lottery Project Grants until 30 November 2021. These focus on supporting independent organisations, creative practitioners and freelancers.
Support for workers in the photography industry
If you have been affected by the Coronavirus pandemic and have worked in the photographic industry (including photographic laboratories) then the Benevolent Society of the BIPP (BenSoc) may be able to help.
BenSoc assists people in need, due to illness by means of single grants in case of emergency or long-term hardship. It also provides help, gives encouragement and friendship.
Financial help for musicians
The Musician's Union has distributed over £1.3M to members in hardship grants through their Coronavirus Hardship Fund since April 2020. The fund remains open to new claimants.
The Association of Independent Music crisis fund for independent music contractors is aimed at contractors and freelance workers in the independent music industry whose source of income has been severed without warning due to lost work as a result of the COVID-19 pandemic.
Sport England have committed £1 million to combating the impact of coronavirus (COVID-19) on sports clubs and community activity groups, in the form of match funding through Crowdfunder.
Through their Active Together programme they will be matching crowd funds of up to £10,000 raised by clubs and organisations hit by the coronavirus crisis.
To be eligible, organisations must be:
- Local sports clubs
- Charity, community, voluntary and social enterprise sector organisations that deliver sport and/or physical activity in their community – including organisations that are not solely or primarily sports organisations
- For the benefit of people residing in England.
The GroceryAid Covid-19 Fund has been established to provide enhanced support for grocery colleagues during the Coronavirus crisis. They offer:
- Mental Health Support: Offering 'in the moment' emotional and practical support for grocery colleagues dealing with shock, anxiety, or stress, from day one of working in the grocery industry.
- Bereavement Financial Assistance: Providing financial assistance for the loss of a loved one through Covid-19.
- Crisis Grants: Non-repayable grants designed to help those struggling with exceptional hardship caused during Covid-19.
Community Business ReBoost aims to support community businesses to raise community shares capital that can support their recovery, pivot or expand the business in response to Covid-19. The ReBoost fund provides grant funding and matched equity investment.
Through their Pay It Forward initiative, Crowdfunder are offering 100% free fundraising for businesses during the Coronavirus crisis. Small businesses who may be worried about the future due to COVID-19, can set-up a Pay it Forward campaign offering customers the option to book meals, a room for the night or a ticket to an event for example, now, based on a promise to deliver in the future. Crowdfunder will cover all platform and transaction fees. Take a look at the businesses already raising funds.
HMRC have published guidance to help businesses recognise when contact from them is genuine, and how to recognise phishing or bogus emails and text messages.
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