We have produced this guide to provide you with an overview of these measures. Information is still being released and we will update our information for members as soon as it becomes available. Last update: 19th March 2021.
In the budget on the 3rd of March 2021, the Chancellor announced that there will be some loans and grants available for businesses. Note that the previous bounce back loans and CBILS expire on the 31st of March 2021 and after this date cannot be applied for.
In the budget it was announced that businesses could get loans of between £25,001 and £10million. You could also get invoice finance and asset finance of between £1000 and £10 million per business.
These loans will be up for six years for term loans and asset finance facilities, and for overdraft and invoice finance facilities, you could get a term length of up to three years.
You can get one of these loans from the 6th April 2021, and apply directly a lender.
Details of how to apply have not yet been released.
In England, the government has made one off cash grants of up to £18000 available for hospitality, accommodation, leisure, personal care and gym businesses. In the non-essential retail sector grants up of up £6000 can be claimed.
Applications can be made through the local council.
Find out more about the scheme here.
Grants may also be available in Wales, through the Non-Domestic Rates (NDR) Linked Grants. On 12th March 2021, grants were announced to support businesses in hospitality, tourism, leisure and non-essential retail. These payments will be administered through local authorities.
If you run a business that pays non-domestic rates and have already received a payment, you don’t need to register again. If you have not already registered, you will need to register with your local authority between 15th March 2021 and 31st March 2021. If your business has a rateable value of less than £12000 you could get a grant of £4000. If your business has a valuable between £12,001 and £500000 you could get £5000.
In Scotland, the government has announced that those receiving support due to current restrictions will receive a payment on April 19th, consisting of two weeks closure support and a one-off restart grant. This means retail businesses may get a total payment on that date of up to £7500 and hospitality and leisure businesses may get up to £19,500.