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COVID-19 Financial Help for businesses in 2021 is available in different forms. Here you will find a list of the support available until at least the end of March 2021.

5 options for COVID-19 Financial Help for businesses in 2021

Self-Employment Income Support Scheme Grant Extension (SEISS)

If you’re self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) you can potentially use this scheme to claim a grant.

The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return.

Find out more here

If you’re self-employed you can also spread the cost of their tax bill with the NEW Time To Pay service for Self Assessment customers.

Coronavirus Job Retention Scheme (CJRS)

If you cannot maintain your workforce because your operations have been affected by coronavirus (COVID-19), you can furlough employees and apply for a grant to cover a portion of their usual monthly wage costs where you record them as being on furlough.

The Coronavirus Job Retention Scheme has been extended until 30 April 2021. You can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.

Find out more here

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

Bounce Back Loan

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

Find out more here

COVID-19 Financial Help for businesses includes the Coronavirus Business Interruption Loan Scheme

The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. The scheme has been extended and is open until 31 January 2021.

Find out more here

Other support

Coronavirus (COVID‑19) support is also available in the form of local grants and regional support.

You can use this tool to see what other support is available for you.

We are here to help our clients, discuss your business’s financial wellbeing and to take care of your accounting needs. Contact us today.