BID – Coronavirus Pandemic
The Government has announced (as at 11 March 2020) a scheme to pay small businesses in receipt of Small Business Rates Relief a grant of £10,000.
BID businesses (who have taken up free affiliate membership of the NWL Chamber of Commerce) can access a legal and HR support line, plus over 800 legal templates online, click here for details.
We expect the Government to provide this grant in early April so we are working now to ensure that we have up to date bank details for all of those businesses which will qualify for the grant.
Please complete your details using the Small Business Grant Fund and Retail, Hospitality and Leisure Grant Fund request for information form.
You will be asked to confirm your 8 digit business rates account number. More information/form here.
Latest guidance on furloughed workers here.
Government information document for retail businesses/support here.
A full range of business support measures have been made available to UK businesses and employees. This page helps businesses find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply – you can access it here.
Guidance for working from home (online protection):
Advice to help organisations manage the cyber security challenges of increased home working here.
Advice on ransomware here.
Cyber experts step in as criminals seek to exploit Coronavirus fears, more here.
Government support for salaries
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. More information here.
Support for businesses that pay business rates
A business rates holiday will be introduced for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Also a £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,0000.
Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. Guidance for local authorities on the business rates holiday will be published by 20 March. There will be additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR). Furthermore, one-off grant of £10,000 will be provided to businesses currently eligible for SBBR or rural rate relief.
If your business is eligible for SBRR or rural rate relief, you will be contacted by your local authority – you do not need to apply. Funding for the scheme will be provided to local authorities by government in early April. Guidance for local authorities on the scheme will be provided shortly.
Business Interruption Loan Scheme
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank has launched. This will support businesses to access bank lending and overdrafts.
Lenders will be provided a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The guarantee will come with no charge and the Scheme will support loans of up to £5 million in value. The government will cover the first 6 months of interest payments. The loan scheme is now open for applications, click here.
Businesses paying tax
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case by case basis and are tailored to individual circumstances and liabilities.
You can call HMRC’s dedicated helpline if you are concerned about being able to pay your tax due to COVID-19: 0800 0159 559
Businesses that have cover for both pandemics and government-ordered closure should be covered. The government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim
Retail and Leisure Sectors
The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property, more info here. Your local authority will write to you, you do not need to do anything in the meantime.
Your business is based in England
Your business is in the retail, hospitality and/or leisure sector
Properties that will benefit from the relief will be occupied hereditaments that are wholly or mainly being used: as shops, restaurants, cafes, drinking establishments, cinemas and live music venues for assembly and leisure as hotels, guest and boarding premises and self-catering accommodation.
Support for businesses that pay little or no business rates
The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs. You not need to do anything at the moment, the local authority will contact you.
Help For Individuals
The Government have committed to paying up to 80% of contracted workers salaries, providing businesses keep them employed, more information here.
Chancellor Rishi Sunak announced a 3 month mortgage payment ‘holiday’ for people hit hard by coronavirus.
If the whole family has to stay at home and there is no income coming in, you can apply for Universal Credit.