The coronavirus business interruption loan scheme offers finance to smaller businesses that are viable but unable to obtain finance due to insufficient security to meet the lender’s normal requirements.
Businesses with a turnover of no more than £41 million can apply for a loan of between £1,000 and £5 million, from a range of lenders.
At the discretion of lenders, for loans below £250,000 the scheme can be used for unsecured lending.
Commercial tenants unable to pay rent because of coronavirus will be protected from eviction.
No interest is due on the loan for the first 12 months and there are no fees.
You should talk to your bank or finance provider (not the British Business Bank) as soon as possible and discuss your business plan with them.
If your business premises are eligible for Small Business Rate Relief, grants of up to £10,000 are being made available.
A new helpline (0800 015 9559) to the HMRC's Time to Pay service is open, so businesses and the self-employed can arrange to defer tax payments. More information is also available online.
VAT payments are going to be deferred for three months. The deferral will apply from 20 March 2020 until 30 June 2020 and businesses will not need to make a VAT payment during this period.
Advice for businesses that trade internationally has been published by the Department for International Trade.