COVID-19: Summary of Financial Support – last updated 1 July 2022
This article summarises the current business support measures the UK and Scottish governments, along with other NGBs and organisations have introduced as a result of the COVID-19 outbreak.
For each measure we have listed the date of the latest change. Click on any of the measures listed and you will be taken to the appropriate part of this article which covers that topic in more detail.
Last updated 1 July 2022: Recovery Loan Scheme The Recovery Loan Scheme closed for new applications on 30 June 2022.
Business Interruption Insurance – updated 1 February 2021
Business Rates Holidays – updated 7 April 2022
GOV.UK Business Support Finder Tool – updated 21 April 2020
Creative Scotland Funding – updated 22 December 2021
Helplines: HMRC and Scottish Government
Recovery Loan Scheme – updated 1 July 2022
Test & Trace/Self Isolation Support – updated 1 May 2022
Test and Trace Support Payment (England) / Self-Isolation Support Grant (Scotland)
(Update as of 1 May 2022) The Test and Trace Support Payment scheme in England closed on 24 February 2022.
In Scotland, from 1 May 2022 self-isolation grant amount will be £225. If you’re a low paid worker, the grant can help cover lost earnings if:
- you have a positive PCR test
- someone you need to care for has a positive PCR test
You must apply to your Local Authority for the self-isolation payment. More details including the evidence you will need to provide can be found using the following links:
Business Rates Holidays
(Update as of 7 April 2022) Eligible businesses within the retail, hospitality and leisure sectors in England and Scotland may still be able to claim a 50% reduction on business rates.
In England you could get 50% off your business rates bills for the 2022 to 2023 tax year (1 April 2022 to 31 March 2023) – up to a total value of £110,000 per business. You can find more details here on the GOV.UK website.
In Scotland 50% relief is available for the retail, hospitality and leisure sectors is available for the first three months of 2022-23, capped at £27,500 per ratepayer.You can find more details here on the mygov.scot website.
You may be entitled to other types of business rates relief eg. small business, rural, charitable or enterprise zone relief. If you have any concerns or require further guidance please do get in touch.
Recovery Loan Scheme
(Update as of 1 July 2022)The Recovery Loan Scheme closed for new applications on 30 June 2022.
Business Interruption Insurance
(Update as of 1 February 2021) If you have not already done so, you should check your business insurance policies to see if business interruption cover for pandemics is in place.
In January 2021, a ruling by the Supreme Court backed small firms over business interruption insurance claims. You can read more about these details in our previous update.
The FCA have a useful ‘policy checker’ and FAQs to help find out if your insurance policy may cover business interruption losses caused by COVID-19.
Creative Scotland Funding
(Update as of 22 December 2021) Creative Scotland has been provided with additional funding to provide support for the creative community impacted by the rapid spread of the new Omicron variant.
COVID-19 Cancellation Fund for Creative Freelancers: the fund offers a one-off award to support creative freelancers who are experiencing immediate financial hardship due to the loss of income caused by the current COVID-19 Omicrom situation. This can include the cancellation or deferral of performances, productions, exhibitions and show. You can request between £500 and £2000 to help offset your financial impact and applications will open at 2pm on Thursday 6 January 2022. More information can be found here on the Creative Scotland website.
GOV.UK Business Support Finder Tool
(Update as of 21 April 2020) A ‘support finder’ tool is available on the GOV.UK website that helps businesses and self-employed individuals identify what financial support is available to them as a result of the COVID-19 pandemic. The online service requires you to fill in a simple and quick questionnaire which will then determine what measures you may be eligible for.
The ‘support finder’ can be found here on the GOV.UK website.
HMRC and Scottish Government Helplines
(Update as of 30 March) HMRC has a set up helplines providing practical help and advice to support businesses and self-employed people concerned about not being able to pay their tax as a result of COVID-19.
The main helpline number is 0800 0159 559.
Opening hours are Monday to Friday 8am to 8pm, and Saturday 8am to 4pm.
The helpline will not be available on Bank Holidays.
To increase capacity there is now an additional dedicated phone number 0800 024 1222.
Opening hours for the helpline will be 8am to 4pm Monday to Friday only.
The Scottish business helpline specific to COVID-19 is based at the existing Scottish Enterprise call centre in Clydebank.
The business helpline number is 0300 303 0660.
Opening hours are Monday to Friday 8.30am to 5.30pm.
Guidance for employees, employers and businesses
Government guidance on healthcare advice for employers and support for businesses can be found here on the GOV.UK website.
Financial support is decreasing as restrictions related to the COVID-19 pandemic ease. We continue to encourage you to contact us if you need support or would like a query or question answered. We are here and happy to help.