The UK government has always tried to help businesses thrive and faced with Covid-19 a raft of measures were introduced – but how do you access the support? Luke Hamm,
CEO of GovGrant, spells out the options.
We want to make sure every single business knows where to go right now to help them through the challenging economic climate:
- The £330 billion of support announced by the chancellor will be made available from next week through banks. Speak to your bank or lending provider about access to the scheme
- The business interruption loan scheme is a loan up to £5m interest-free for six months to help businesses with the impact of Covid-19. This will be delivered through the British Business Bank and be available from March 23, 2020
- The grants for smaller businesses of up to £10k will be channelled through local authorities. If you think you may need this support, speak to your local authority
- Business rates are cut and will automatically be applied
- Most banks have launched a working capital support facility so speak to them if you need this
- Don’t forget the long-standing R&D tax credit scheme – this could be a vital cash injection right now so speak to a specialist like us or your accountant.
We at GovGrant specialise in R&D tax and we know right now, more than ever, businesses need support. We are ready and waiting and will get businesses the much-needed support they need.
There are practical steps that can be happening right now for short and long term benefit. For example, if you have employees who can’t do their normal duties but still on the payroll, get them focused on R&D and innovation as this activity is subsidised through R&D tax.
If you currently make an R&D tax claim and waiting for HMRC clearance, they have advised they aim to be up to date by the end of March.
Should any companies need the cash sooner, there are R&D tax short term loan options available. We work with Rocking Horse Group and can facilitate the introduction should this be an option you wish to explore.
Luke Hamm, CEO