Update On The UK's COVID-19 Crisis Funding Schemes

In response to the COVID-19 crisis, the Chancellor of the Exchequer has set out a number of initiatives that provide a package of funding-related measures to support public services, people and businesses during this time.

On 26 March 2020, we published a summary of the business initiatives in our insight 'Are you up to speed on the UK's COVID-19 Crisis Funding Schemes?'

We are now publishing this updated summary to cover changes to existing schemes and provide details of the new Coronavirus Large Business Interruption Loan Scheme, which commences on Monday 20 April. Our updated summary also contains signposts to help you keep up to date with the latest information on the schemes.

Our updated summary includes details of the three main bank funding schemes:

• the Covid Corporate Financing Facility, a scheme run by the Bank of England and HM Treasury, aimed at supporting larger investment grade rated (or equivalent) businesses;
• the new Coronavirus Large Business Interruption Loan Scheme, a scheme run by the British Business Bank that's aimed at supporting mid-cap and larger businesses with a turnover of more than £45 million; and
• the Coronavirus Business Interruption Loan Scheme, a scheme run by the British Business Bank, aimed at supporting smaller businesses with a maximum turnover of £45 million, including details on eligibility for these schemes, how to access them, documentation and important points to note.

Our summary also includes details of:

• HMRC's job retention & VAT deferral schemes and time to pay service;
• the statutory sick pay support scheme for SMEs; and
• the business rates holiday and local authority cash grant schemes.

Information is changing regularly, so for the latest information, please refer to the resources we have signposted for you.

If you have any queries or questions in relation to this summary, or any other queries on how COVID-19 might affect your business, please do get in touch with us. We are here to help you.

Download our updated summary of UK Government COVID-19 funding measures here.