Where the business is required by coronavirus regulations to close its premises, it can claim a grant from its English local authority for periods the premises are closed, if that lasts for at least two weeks. The grants will be paid based on the rateable of the building and issued every fortnight as follows:
Different levels of local authority support may be provided in Scotland, Wales and Northern Ireland.
The government-backed Bounce Back Loan Scheme will now remain open for applications until 30 November 2020, but many banks are only considering applications from existing customers. The terms of this scheme have also been made more flexible to suit growing businesses; the repayment period can be set to up to ten years, and the lender should offer payment holidays and interest-only periods on request.
The application period for loans under the Coronavirus Business Interruption Loan Scheme (CBILS), has also been extended to 30 November. If a business initially applied for a CBILS loan of up to £50,000, that facility can be transformed into a Bounce Back Loan if the borrower applies before 4 November 2020.
Another funding source for growing businesses is the Coronavirus Future Fund. This is available to match equity investments in the business from private investors. Applications are open until 30 November 2020, although the gov.uk website still says the scheme closed on 30 September.