With an increasing array of Coronavirus business support measures available to different types and sizes of business, the Government has launched a new Support Finder tool to help businesses identify what support packages they could be eligible for.
The new tool asks for some basic information about a business, including turnover and the number of people it employs, before highlighting packages that could be suitable.
These include measures such as:
- The Coronavirus Job Retention Scheme (CJRS), which allows employers to furlough eligible staff and claim a grant in respect of up to 80 per cent of their usual wages, capped at £2,500 a month, plus employer National Insurance Contributions (NICS) and minimum automatic enrolment pension contributions.
- The Coronavirus Business Interruption Loan Scheme (CBILS), which enables businesses with a turnover of up to £45 million to access Government-backed loans of between £1,000 and £5 million.
- A three-month VAT payment deferral.
- A range of business rates breaks and grants.
The Business Support Finder can be found at: https://www.gov.uk/business-coronavirus-support-finder.