The Self Employed
Every self-employed person can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees
Support for individuals
https://www.understandinguniversalcredit.gov.uk/coronavirus/ or new style Employment and Support Allowance.
Coronavirus Job Retention Scheme
Coronavirus Business Interruption Loan Scheme
• A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts.
• The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
• Businesses can access the first 12 months of that finance interest free, as government will cover the first 12 months of interest payments.
• You are eligible for the scheme if:
Cash grants for retail, hospitality and leisure businesses
Support for businesses that pay little or no business rates
Support for larger firms through the COVID-19 Corporate Financing Facility
Support for businesses paying tax: Time to Pay service
A grant will be available for those business who are currently eligilble for SBRR - Small Business Rates Releif. We have been advised by Sunderland Council that this will be administered by the Council’s Business Rates team.
Detailed administration procedures are expected to be as follows to ensure that the support goes to the correct organisations: