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Coronavirus Support: Financial Support, Grants and Business Rates

Financial support for businesses of all sizes impacted by Coronavirus.

Coronavirus Support: Financial Support, Grants and Business Rates

Recovery Loan

The third phase of the Government's Recovery Loan Scheme launched this August. The Recovery Loan Scheme is designed to help smaller businesses access finance to help them recover and grow their business following Covid.

The Scheme offers:

  • Term loans, overdrafts, asset finance, and invoice finance.
  • Finance between £1,000-£2m.
  • 70% Government guarantee to lender (Borrower is still 100% liable for the debt)

Businesses who have previously accessed other finance including CBILS, BBLS are eligible to apply. Businesses are encouraged to check with their existing bank to see if they are offering this finance or can visit this page to see all current accredited lenders. If you want to discuss and understand the scheme further then please contact us.

COVID-19 Additional Relief Fund 

Warrington Borough Council’s COVID-19 Additional Relief Fund (CARF) is now available to support local businesses with their business rate payments. The scheme will be based on the following three principles:

  • It will not award relief to businesses who for the same period of the relief would have been eligible for the Extended Retail Discount (covering Retail, Hospitality and Leisure) or the Nursery Discount 
  • Relief will only be awarded for occupied premises (other than premises closed temporarily due to government advice on COVID-19)

Apply here

Repayment of Bounce Back Loans 

Bounce Back Loan borrowers can tailor payments according to their individual circumstances. Lenders will proactively and directly inform their customers of Pay as You Grow, and borrowers should only expect correspondence three months before their first repayments are due.

It will provide businesses with the following options:

  • Extend the length of the loan from six years to ten
  • Make interest-only payments for six months, with the option to use this up to three times throughout the loan
  • Pause repayments entirely for up to six months

Your lender will get in touch to outline your options three months before your repayments are due to start.

Rent Arrears Support

From the 24th March there is a legally binding arbitration process which is available for eligible commercial landlords and tenants who have not already reached an agreement. This will resolve disputes about certain pandemic-related rent debt and help the market return to normal as quickly as possible.

The law applies to commercial rent debts of businesses including pubs, gyms and restaurants which were mandated to close, in full or in part, from March 2020 until the date restrictions ended for their sector. Debts accrued at other times will not be in scope.

This replaces the law that landlords were unable to exercise a right of forfeiture (re-entry) in respect of business tenancies for non-payment of rent since 21 March 2020, detailed in the Coronavirus Act 2020.