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Latest Financial Options to SMEs During The COVID-19 Crisis

Whilst we arrange independent finance for your SME it's imperative that you look into available Government rescue bid options. Here we list what they are and how to apply.
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We are discussing with multiple lenders finance options for businesses like yours. In the meantime it’s imperative that you look into your options as a small or medium sized business that are being offered by the Government.

Our priority is helping businesses like yours ride out this turbulent and unexpected storm, however, are you aware of the financial assistance being offered by the Government, or how to apply for it?

Here we outline some of the biggest areas for SME consideration and how to investigate eligibility or to claim.

  • Coronavirus Job Retention Scheme – furloughing employees with 80% of an employee’s salary
    It is expected that an online payment portal will be available by the end of April.

  • Sick Pay Costs – reclaim up to 14 days of sick pay
    The Government are currently working on a system that enables businesses to reclaim costs of up to 2 weeks for employees off sick with Coronavirus.

  • Cash Grant – up to £10k for SMEs who receive Small Business Rates Relief
    Local Authorities are contacting all eligible businesses.

  • ‘Time To Pay’ Tax Delay Agreement
    You can call the Government helpline on 0800 024 1222 to discuss your options.

  • VAT Temporary Payment Changes
    Alternative payment deadlines include deferring until 31stMarch 2021.

  • Coronavirus Business Interruption Scheme – replacing the Enterprise Finance Guarantee Scheme (EFG).
    There are many approved lenders who are able to offer financing through this scheme – your first approach should be to your existing bank or via the website of The British Business Bank who are administering the whole scheme.

  • Retail and Hospitality Grant Scheme of up to £25k per property to the retail, hospitality and leisure sectors.
    Local Authorities will contact each eligible business based in England.

With over a fifth of SMEs at risk of collapse, it is vital for your SME to look into all the viable options set out in the Government’s UK rescue bid.

For enquiries regarding your SME finance options, including alternative finance, please call us on 07785 596053 or email Managing Director, carole@capitalcorporate.co.uk