Financial Help for Your Business
COVID-19 has impacted businesses globally, both small and large. Thankfully, governments around the world are working to offer relief to businesses during these tough times.
We’ve pulled together a list of the different countries we operate in, summarising the relief that is available for businesses in each. We hope you find this helpful.
UNITED KINGDOM:
Support for small businesses
This link takes you to a page outlining relief available for small businesses in the UK, and how to access these schemes.
Below are a few examples of what’s available:
A Coronavirus Job Retention Scheme
Deferring VAT and Income Tax payments
A Statutory Sick Pay relief package for small and medium-sized businesses (SMEs)
12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
The HMRC Time To Pay Scheme
Support for individuals
This link will bring you to a page that outlines the current Sick Pay scheme available to employees who are off sick due to COVID 19. You can claim up to £94.50 per week through Statutory Sick pay.
IRELAND:
Support for businesses
This link takes you to a page outlining the relief available for small businesses in Ireland, and how to access the schemes.
Some relief and advice resources that are available to businesses are listed below:
Advice on immediate action you can take to manage your cash flow
Using Government supports for working capital
Tips on asking for advice, speaking to your bank and checking your insurance cover
Support for individuals and small businesses through bank lending
Click here to read more on how banks in Ireland working together to support customers and businesses affected by the crisis.
Some relief available is listed below:
Payment breaks
Payment Plans/financial hardship
Deferring court proceedings for 3 months
Banking system ready to provide working capital support.
UNITED STATES:
Support for businesses
Check out this link for information on the relief available for small businesses in the USA and how to access these schemes.
Below are a few examples of what is available:
Economic Injury Disaster Loan Program
Guidance for Businesses and Employers
There’s no current information on support for individuals, below here’s a link to Income Support options for the employees.
CANADA:
Support for Canadians and businesses
This link brings you to a page outlining the relief available for Canadians and businesses in Canada, as well as information on how you can access the support.
Below are some examples of what support is available for individuals:
Temporary Income Support for Workers and Parents
Longer-Term Income Support for Workers
Flexibility for Taxpayers
Income Support for Individuals Who Need It Most
Some of the benefits available for businesses include:
Helping Businesses Keep their Workers
Ensuring Businesses Have Access to Credit
Flexibility for Businesses Filing Taxes
Supporting Financial Market Liquidity
SOUTH AFRICA:
For information on support for individuals and businesses in South Africa, check out Business Insider’s South Africa live coverage here. You can also check out the government’s website which is kept up to date with the country’s reactions to COVID-19 here
AUSTRALIA:
Financial support for individuals
Australia has released information regarding financial support to those eligible on pensions/government allowances. Please click this link for more information on how you can access these allowances.
Support for Sole Traders
This link will advise any Australian Sole Traders on how they can seek support.
NEW ZEALAND:
For more information on what financial support measures are available for businesses and New Zealanders, click here.
Some of the benefits for Businesses include:
Wage subsidy scheme
Business cash flow and tax measures
Leave and self-isolation support
If there’s anything else we can help you with, please get in touch. Book a call with one of our experts today for free help and advice for your business.