COVID-19: Support for businesses
How we are supporting businesses
For a full range of Government support offers please head to the Government's online help tool. To keep up to date with local business news, sign up to receive the Council's business newsletter and to find out more about business support programmes and events provided by the Council and its partners, visit the Wandsworth Enterprise Hub.
Further support includes:
- The furlough scheme has been extended until the end of September 2021.
- The Self-Employed Income Support Scheme will continue until September 2021
- A new recovery loan scheme. Businesses of any size can apply for loans from £25,000 to £10 million
- Business rates holiday for businesses will continue until June with 75% discount
- A £700 million fund for arts, culture and sporting institutions to help them reopen.
- Commercial tenants to be protected from eviction until 25 March 2022
The Self-Employed Income Support Scheme (SEISS) will continue until September 2021. Claim the fifth grant if you think that your business profit will be impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021.
The Recovery Loan Scheme (RLS) is a new government backed loan scheme. Businesses of any size can apply for loans from £25,000 to £10 million with the Government providing a guarantee to lenders of 80%. The scheme will run until 31 December 2021.
Tax cuts and deferrals
The temporary 15% VAT cut for the tourism and hospitality sectors is extended until the end of March 2021. Businesses unable to pay the full amount by this date, can make smaller payments up to the end of March 2022, interest free.
Businesses that have deferred their VAT bills and unable to pay the full amount by this date, can make smaller payments up to the end of March 2022, interest free. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller interest-free payments during the 2021/22 financial year.
Self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the 'Time to Pay' self-service facility. This means that payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022. Read more on GOV.UK.
The Coronavirus Job Retention Scheme (known as the furlough scheme), has been extended until 30 September 2021.
Coronavirus sick pay scheme
The scheme allows small and medium sized employers, with fewer than 250 members of staff, to apply to recover the costs of paying coronavirus-related Statutory Sick Pay for two weeks - worth nearly £200 per employee. Find out more.
The Government announced that business owners affected by the pandemic will be protected from eviction until 25 March 2022.
Help to Grow programme
The Government has launched a new Help to Grow programme, designed to help small and medium sized businesses to learn new skills, reach new customers and boost profits. To be eligible, businesses need to have been operating for more than one year and have between five to 249 employees.
Read about how the self-employed can access help.
Further information on COVID-19 support for your business can be found on the following websites:
If you have a query that isn’t covered by this guidance, please contact the Business Support Helpline.