If you run a small business in the field service industry, we understand that finances may be a struggle during the coronavirus outbreak. If you are searching for financial aid, tax deferrals or other funding assistance take a look at the following resources which we have collected together.
Business loans and grants
Small Business Grants Fund
The UK government has provided this financial support for small businesses in response to COVID-19.
Benefits of this funding include:
- Eligibility for for a payment of £10,000 in receipt of Small Business Rates Relief or Rural Rates Relief.
- Eligibility for up to 200,000 euros of aid within a three-year period.
For more information about the Small Business Grants Fund, visit gov.uk.
Coronavirus Business Interruption Loan Scheme
Through this scheme, small and medium-sized businesses affected by coronavirus can access financial assistance of up to £5 million.
- Access to loans, overdrafts, invoice finance and asset finance of up to £5 million for up to six years.
- A Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees so that smaller businesses can benefit from no upfront costs and lower initial repayments.
- A guarantee of 80% on each loan (subject to pre-lender cap on claims).
Find the full rules and instructions to apply on the British Business Bank website.
Coronavirus Statutory Sick Pay Rebate Scheme
This government scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.
- The repayment will cover up to two weeks starting from the first day of sickness, if an employee is unable to work because they either have coronavirus or can’t work because they are self isolating.
- This repayment covers full-time employees, part-time employees, employees on agency contracts and employees on flexible or zero-hour contracts.
- The scheme can be used by employers who are claiming for an employee who is eligible for sick pay due to coronavirus, had a PAYE payroll scheme that was created and started before 28 February 2020 or had fewer than 250 employees on 28 February 2020.
Learn more about the Coronavirus Statutory Sick Pay Rebate Scheme on gov.uk.
Coronavirus Job Retention Scheme
If your business is eligible, you can claim funds to cover wages for employees on temporary leave due to coronavirus. These government funds allow you to furlough employees and apply for a grant that covers 80% of their usual monthly wage costs up to £2,500 a month.
You can make a claim as long as you have:
- Created and started a PAYE payroll scheme on or before 28 February 2020.
- Enrolled for PAYE online.
- A UK bank account.
For more information about the Coronavirus Job Retention Scheme, visit gov.uk.
Resources for further guidance
- The Bank of England - In response to COVID-19, the Bank of England is cutting interest rates and providing cash and funding for businesses.
- Grants Online - Several organisations have launched funding programmes to assist local organisations in response to coronavirus challenges. On their website they have provided a list of the funds accepting application.
- XU Magazine - View their list of COVID-19 government support as well as various blogs and webinars.
Please keep in mind that this guide is meant to be a list of financial resources, and simPRO does not claim to be a source of financial advice.
If you are looking for other resources to help you best manage your field service business during the COVID-19 outbreak, visit our COVID-19 Crisis Management Hub.