A raft of other measures have been made available for businesses requiring temporary relief. These initiatives are wide-ranging and it is expected that the majority of businesses will be eligible to take advantage of a number of these.

• Coronavirus Job Retention Scheme

Helping companies retain their staff when business has been forced to stop.

• Self-Employed Income Support Scheme

A taxable grant for the self-employed giving parity to the help offered to salaried workers through the Coronavirus Job Retention Scheme.

• Business rates holiday

A reprieve from paying business rates for those in the retail, leisure, and hospitality sector, regardless of their rateable value.

• Statutory Sick Pay (SSP) reimbursed

Companies will now be able to reclaim SSP which has been paid to employees for up to two weeks.

• Grants for SMEs

Non-repayable cash grants of will be made available to help those in the retail, leisure, and hospitality industry. Many smaller businesses outside of these sectors will also be entitled to a government grant.

The government is promising to exercise agility during this time and assurances have been made that the above measures will be revisited at regular intervals to ensure they remain appropriate and fit for purpose as the situation develops. It is expected that further initiatives will also be announced as new ways to help businesses, sole traders, and employees become necessary.

Funding Options: In Depth

Coronavirus Business Interruption Loan Scheme (CBILS)

A temporary replacement of the existing Enterprise Finance Guarantee Scheme, CBILS will give companies easier access to both mainstream funding as well as smaller specialist lenders. Security to the lender will be provided by the government who will guarantee 80% of the amount borrowed.

Key Points

• Borrow up to £5m

• No interest payable for the first 12 months

• Government will provide security for 80% of the loss to the bank should the borrower be unable to pay

• Responsibility for repaying the loan or finance facility remains with the borrower

• Personal guarantee may be requested by the bank

• Range of funding options including loans as well as asset and invoice finance

• Funding from high street banks as well as specialist lenders

• Over 40 accredited lenders taking part in the scheme

• Borrowing through CBILS was made available as of Monday 23 March 2020