Maritime UK: COVID-19 business support

In response to the COVID-19 pandemic, we have collated details of the latest government guidance for industry, best practice, and latest updates from Maritime UK members. Should you have a resource to support this section, please contact the secretariat.

Financial support

Coronavirus Business Interruption Loan Scheme

At Budget 2020 on Wednesday 11 March, the Chancellor announced a ‘Coronavirus Business Interruption Loan Scheme’, and that it would become available ‘over the coming weeks’. This has been brought forward, and we now expect the new scheme to become available in week commencing 23 March 2020.

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

Covid Corporate Financing Facility (CCFF)

Information on eligibility and how to apply for Covid Corporate Financing Facility:

https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/information-for-applicants

Coronavirus Job Retention Scheme

The Chancellor announced on Friday 20 March the establishment of the Coronavirus Job Retention Scheme. Any employer in the UK – small or large, charitable or non-profit – will be eligible for the scheme. More can be read here.

HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.

If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan.

Government guidance

 

Business guidance

 

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