Impact of COVID-19 on DCMS sectors: First Report Contents
Appendix 1: Government funding during Covid-19
List of schemes
Support and eligibility
Coronavirus Job Retention Scheme: Any business can claim up to 80% of employee salaries if they cannot maintain operations. Until 1 July, employees were unable to carry out work for the organisation from which they are furloughed. Changes to scheme on 1 July mean they will be able to work for any amount of time and claim for hours not worked. From 1 August, employers will be required to contributed towards the furloughed wage, with their contributions being gradually increased. The scheme ends on 31 October 2020.
Claim back Statutory Sick Pay: for employees eligible for coronavirus sick pay, for up to two weeks, for employers with fewer than 250 employees in February 2020.
Deferred VAT payments: from May to June to after 30 June.
Deferred 2nd Self-Assessment payment: for 2019/20 until after 31 July, without penalty as long as made before 31 January 2021.
Business Rate Holidays for 2020/21: for shops, restaurants, cafés, bars or pubs, cinemas or live music venues, assembly or leisure properties (for example, sports club, gym or spa), hospitality properties (for example, hotels, guest houses or self-catering accommodation).
Small Business Grant: One-off cash grant of £10,000 for small businesses that are based in England, occupy property, are eligible for small business rate relief (including tapered relief) or rural rate relief on 11 March 2020.
Retail, Hospitality and Leisure Grant: One-off cash grant of £10,000 for businesses with a property with a rateable value of £15,000 or under; or of £25,000 for businesses with a property that has a rateable value of over £15,000 but less than £51,000; if they are:
- based in England
- in the retail, hospitality or leisure sector (shop, restaurant, café, bar or pub, cinema or live music venue, estate agent or letting agency, assembly or leisure property - for example, a bingo hall, a sports club, a gym or spa; hospitality property - for example, a hotel, a guest house or self-catering accommodation).
Discretionary Grant Fund: for small and micro businesses. Managed by local authorities. Grants of £25,000, £10,000 or any amount under £10,000 for businesses that:
- are based in England
- have relatively high ongoing fixed property-related costs
- occupy property (or part of a property) with a rateable value or annual mortgage/rent payments below £51,000
- were trading on 11 March 2020
- and can show that their business has suffered a significant fall in income due to coronavirus.
Self-Employed Income Support Scheme: a taxable grant worth 80% of an individual’s average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. Scheme has been extended to August 2020.
Coronavirus Business Interruption Loan Scheme: helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The Government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
Coronavirus Future Fund: will issue convertible loans between £125,000 to £5 million to innovative companies that are facing financing difficulties due to the coronavirus outbreak.
Bounce Back Loan: enables smaller businesses to access finance more quickly during the coronavirus outbreak. Small and medium-sized businesses can borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The Government guarantees 100% of the loan and there will not be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
Coronavirus Large Business Interruption Loan Scheme: helps medium and large businesses to access loans and other kinds of finance up to £200 million. The Government guarantees 80% of the finance to the lender if the business
- is based in the UK
- has an annual turnover of over £45 million
- has not received support under the Bank of England’s COVID-19 Corporate Financing Facility (which will buy short term debt from large companies).
Covid-19 Corporate Financing Facility: buys short term debt from large companies, which make a material contribution to the UK economy.