REVISED and ongoing support COVID-19 support and what you need to know.

Grants

The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021 and is worth 80 per cent of three months’ average trading profits, paid in a single instalment of up to £7,500.

The fifth grant, May to the end of September 2021, depends on loss of income.

Workers whose turnover has fallen by at least 30 per cent can apply for a grant up to 80 per cent of profits, up to £7,500 in total.

Those whose income has fallen by less can apply for a grant of 30 per cent of trading profits, capped at £2,850.

Loans

All UK businesses can access the new Recovery Loan Scheme and other finance of up to £10 million each, following the end of COVID-19 loan schemes.

Business interruption loans – for large firms and SMEs – and bounce-back loans officially closed on 31 March 2021.

Firms that received financial support from any of those schemes can apply for the recovery loan scheme from 6 April 2021.

UK businesses of any size can apply for a loan or overdraft of between £25,001 and £10m until the end of 2021, with interest and fees applying.

Invoice finance and asset finance worth between £1,000 and £10m per business is also available over the same period.

Rates

The year-long business rates holiday in England has been extended for another three months, until the end of June 2021.

Eligible retail, hospitality and leisure businesses will then pay a third of their normal charge for the rest of the financial year.

A maximum discount of £2 million is available to non-essential retail firms that were forced to close on 5 January 2021 due to lockdown restrictions.

Other eligible properties can get a discount of up to £105,000 per business.