Funding Bay Blog

£1 billion in support for businesses most impacted by Omicron across the UK

The government has recently revealed that there will be specific support for businesses impacted by Omicron:

From the GOV.UK website:

  • Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for local authorities to support other businesses
  • Government will also cover the cost of Statutory Sick Pay for Covid-related absences for small and medium-sized employers across the UK
  • £30 million further funding will be made available through the Culture Recovery Fund, enabling more cultural organisations in England to apply for support during the winter

“These additional measures will reinforce the existing package of business support, including:

  • business rates relief meaning that the majority of businesses in the hospitality and leisure sectors will see a 75% reduction in their business rates bill across the entire financial year and a new 50% capped business rates relief next financial year;
  • a 12.5% reduced rate of VAT for hospitality and tourism to support the cash flow and viability of around 150,000 businesses and protect over 2.4 million jobs, until the end of March;
  • the £1.5 billion Covid Additional Relief Fund for businesses that have not previously had business rates support;
  • businesses will be protected from eviction if they are behind on rent on their premises, thanks to the moratorium in place until March 2022;
  • access to finance for SMEs through the Recovery Loan Scheme to June; and
  • Bounce Back Loan repayment flexibility, with borrowers having the option to take a 6 month repayment holiday, three 6 month interest only periods or extend their loan to 10 years, which almost halves the monthly payment.
  • support for the aviation and travel sectors, including over £12 billion since the beginning of the pandemic, and the Airport and Ground Operations Support Scheme (AGOSS) until the end of March 2022.
  • HMRC stand ready to support any business impacted by the coronavirus pandemic through its Time to Pay arrangement, and the Chancellor has asked them to offer businesses in the hospitality and leisure sectors in particular the option of a short delay, and payment in instalments, on a case by case basis, as part of this.

If you have been impacted by the Omicron variant, get in touch with the team at Funding Bay for access to the Recovery Loan Scheme here.

Start A Recovery Application

The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic

See funding options

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