The Government has introduced a number of financial support packages to assist businesses and individuals impacted by the on-going COVID-19 outbreak. An overview of the support packages available, as at 23 March 2020, can be found below.
However, please note that as the situation continues to evolve on a day by day basis, the information below is subject to change. Therefore, the relevant links are attached so that you can continue to review any changes as they are updated.
Covid Corporate Financing Facility (CCFF)
This fund intends to operate for a period of 12 months to help businesses bridge the gap in
their cash flow due to the disruption caused by Covid-19.
The scheme will provide funding to businesses by purchasing commercial paper of up to
one-year maturity, issued by firms making a material contribution to the UK economy.
Eligibilty will be determined by a number of different factors such as whether the company
generates significant revenues in the UK, serves a large number of customers in the UK, etc.
Application forms and pricing will be added to the Bank of England’s website on 23 March
This programme will support loans, and a variety of other finance options, which offer more
attractive terms for businesses applying for new facilities with the aim of supporting
continued provisions of finance to UK businesses during the COVID-19 outbreak.
The scheme provides the lender with a government-backed guarantee of 80% against the
outstanding facility balance.
The Government will also cover the first 12 months of interest payments, so businesses will
benefit from lower initial repayments. The business remains liable for 100% of the capital.
This scheme is due to become available from 23 March 2020.
Where the self-employed are claiming Universal Credit and are required to stay at home due
to the Coronavirus, the Minimum Income Floor will not be applied for a period of time whilst
you are affected.
This enables the availability of Universal Credit at the same rate as Statutory Sick
The government announced an increase to the Universal Credit standard allowance of
£1,000, for the next 12 months.
Similarly, an increase of £1,000 to the Working Tax Credit basic element will also
be introduced over the next 12 months.
Interest rate cut to 0.1%.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Purdy Quinn Ltd to discuss these matters in the context of your particular circumstances. Purdy Quinn Ltd, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.