What financial support is available to help with cashflow?
As well as the Coronavirus Business Interruption Loan Scheme, the government has a number of other schemes and grants available to support small businesses affected by the coronavirus pandemic.
- All types of business could be eligible to defer VAT payments.
- Self-employed people (sole traders and members of unincorporated partnerships) can apply for a grant through the Self-employment Income Support Scheme, worth 80% of their profits up to a cap of £2,500 per month
- Small businesses that occupy a property and receive small business rate relief, rural rate relief and tapered relief are eligible for Small Business Grant Funding
- Businesses that employ staff can apply for the Coronavirus Job Retention Scheme and the statutory sick pay rebate
- Nursery businesses could get a business rates holiday for the 2020-21 tax year
- Retail, hospitality and leisure businesses could also get a business rates holiday, plus a cash grant of up to £25k per property
- Innovative businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme can apply for the Future Fund. The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
You can find out more about the government’s financial support for businesses on its website.
How we're helping
We’re helping our business banking customers in a number of ways
- For business customers with an annual turnover up to £250k, we’re offering free everyday1 banking and waiving fees and interest on overdrafts between 13 March and 12 June. You don’t need to contact us, it’ll happen automatically
- Offering capital repayment holidays on existing business loans over £25k2
- Continuing to offer businesses access to funding3. To speed things up, you can check if you’ve got a pre-assessed lending limit4 in the Barclays app5 or in Online Banking
- Offering the government-backed Coronavirus Business Interruption Loan Scheme6