The latest on government financial support for businesses.
Up to date as of 10th April 2020
There have been updates and changes in the past few days to the Government’s Coronavirus Financial Support measures put in place by the Chancellor. The below is an up to date summary of all measures available to businesses.
Coronavirus Business Interruption Loan Scheme: https://www.businesssupport.gov.uk/coronavirus-business-interruption-loan-scheme/
Coronavirus Large Business Interruption Scheme: https://www.businesssupport.gov.uk/coronavirus-large-business-interruption-loan-scheme/
Coronavirus Job Retention Scheme:
Business rates holiday for retail, hospitality & Leisure:
Cash grant for retail, hospitality & Leisure:
Small business grant funding:
Statutory sick bay rebate:
Support for businesses paying tax:
Covid-19 Corporate Financing Facility
Rishi Sunak’s emergency loan scheme has been amended.
A wider package has been announced to enable more businesses to access financial support during the COVID-19 lockdown.
- A new Coronavirus Large Business Interruption Loan Scheme (CLBILS) allows a Government guarantee of 80% enabiling loans of up to £25m for businesses with an annual turnover of £45m to £500m.
- Loans backed by a guarantee under CLBILS will be offered at commercial rates of interest, initial details are here with further information to come.
- The Government is stopping lenders from requesting personal guarantees for loans under £250,000 and making changes to speed up lending approvals. The government will continue to cover the first twelve months of interest and fees. Read more here.
- The Government has extended the CBILS so that all viable small businesses affected by coronavirus, not only those unable to secure regular commercial financing, will now be eligible.
Business regulations relaxed:
The Government has relaxed some rules and regulations to help businesses handle any disruption they are experiencing due to coronavirus. Click here for some of the ways your business could be supported.
Pay it forward campaign with Crowdfunder:
The Business Support campaign is working with Crowdfunder to build awareness about the support provided to small businesses through the Pay it Forward campaign. Small businesses can set-up a Pay it Forward campaign to pre-sell their services and diversify trading now to ensure continuous cash flow.
More information for businesses: https://www.crowdfunder.co.uk/funds/businesses
More information for sports clubs: https://www.crowdfunder.co.uk/funds/sports
Creative Industries: https://www.crowdfunder.co.uk/funds/creative-industries
Social enterprises: https://www.crowdfunder.co.uk/funds/coronavirus-crisis
Call for rapid sanitising technology for ambulances
Do you have an innovative or novel approach to get ambulances cleaner quicker to help combat Coronavirus? Find out more here.
Can your business offer further support?
The government is looking for businesses who can offer support in the areas below and has set up an online tool where businesses can register. To offer support click here.
- medical testing equipment
- medical equipment design
- protective equipment for healthcare workers, such as masks, gowns and sanitiser
- hotel rooms
- transport and logistics, for moving goods or people
- manufacturing equipment
- warehouse or office space, for medical use or storage
- expertise or support on IT, manufacturing, construction, project management, procurement, engineering or communications
- social care or childcare
All of the latest information is available on the government’s dedicated website:
Small business grant application links:
Wealden District Council have released information about applying for small business grants which you can read here.
Lewes & Eastbourne have more information here.
Rother District Council here.
Brighton & Hove District Council here.
Mid Sussex District Council here.
UK Government’s Business Support Website has a list of upcoming webinar events from Government and non-government partners. You can find more information here.
If you have any questions about eligibility or how to take advantage of any of the schemes made available by the government please get in touch with your Swindells partner using their mobile details available on the home page of our website here.
Short term cashflow opportunities for businesses
Cashflow is a key area for concern during the current economic difficulties and we can’t just rely on government schemes to ensure the security and future of our businesses. This article will outline avenues business could explore to help with short term cashflow.
2020/21 tax rates & points to note (& rate card download)
The new rates for the 2020/21 tax year have been released and there are a number of points to take note of and plan for, especially if you are working within the threshold margins. This article will outline key points and several options you have, to manage your tax payments.
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