COVID-19 Business Support.

 

We have created a simple guide from the UK government and various different sources to offer our customers a guide to the impact of Covid-19 on business and what support you can receive.

 

Employee, Self Employed and Sick Pay Support. 

 

 

Employee’s – The Coronavirus Job Retention Scheme – Employers can claim for 80% of furloughed employees’ usual monthly wage costs, up to £2,500 a month, through PAYE. 

 

 

Self Employed – The Self-employment Income Support Scheme. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 month, this may be extended if needed.

 

 

Sick pay support – The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.

 

 

 

 

Grants & Business Rates Relief.

 

 

 

Retail, hospitality and leisure business can access a number of cash grants and business rates relief to help support their business.

 

 

Retail, Hospitality and Leisure business rates relief.A business rates holiday will take place in England for the 2020 to 2021 tax year.

 

 

Eligibility  –

  • Your business is based in England.

 

  • Your business is in the retail, hospitality and/or leisure sector.

 

Properties that will benefit from rates relief

 

  • Shops, restaurants, cafes, drinking establishments, cinemas and live music venues

 

  • For assembly and leisure

 

  • For hospitality, as hotels, guest & boarding premises or self-catering accommodation

 

 

How to action There is no action for you take. 

 

 

 

Cash Grants.

 

 

Retail, hospitality and leisure businesses can claim a cash grant of up to £25,000 per property through the retail and hospitality grant scheme.

 

  • Businesses in these sectors with a property that has a rateable value of up to £15,000 may be eligible for a grant of £10,000.

 

  • Businesses in these sectors with a property that has a rateable value of over £15,000 and less than £51,000 may be eligible for a grant of £25,000.

 

Eligibility – 

You are eligible for the grant if:

 

  • Your business is based in England
  • Your business is in the retail, hospitality or leisure sector
  • Your business has a rateable value of under £51,000

 

Properties that will benefit from the relief will be occupied properties that are wholly or mainly being used:

 

  • Shops, restaurants, cafes, drinking establishments, cinemas and live music venues

 

  • For assembly and leisure

 

  • Hotels, guest and boarding premises and self-catering accommodation

 

 

How to access the scheme:

 

Eligible businesses will be contacted by their local authority, though some local authorities have decided to operate an applications process.

 

 

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 (SBRR), 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.

 

 

From the table below you can find links to all local authorities where you can make the claim for the £10k government grant.

 

 Manchester City Council   Click Here.
 Rossendale Council  Click Here.
 Pendale Council  Click Here.
 Sefton Council  Click Here.
 Hyndburn Council   Click Here.
 Cheshire West  Click Here.
 Kirkless Council  Click Here.
 Leeds Council  Click Here.
 Lancaster City  Council  Click Here.
 Salford Council  Click Here.
 Wigan Council  Click Here.
 Thirsk   Click Here.
 Washington   Click Here.
St Helens  Click Here.
Preston  Click Here.
Chorley  Click Here.

 

 

Local Authority Discretionary Grants Fund

 

What is it? – The Discretionary Grant Fund supports small and micro-businesses that are not eligible for other grant schemes.

 

What do you get?You can get a grant of £25,000, £10,000 or any amount under £10,000.

 

Eligibility  –

  • is based in England
  • has fewer than 50 employees
  • has fixed building costs such as rent
  • was trading on 11 March 2020
  • has been adversely impacted by the coronavirus

 

 Local councils are to prioritise businesses such as:

  • small businesses in shared offices or other flexible workspaces, such as units in industrial parks or incubators
  • regular market traders
  • bed and breakfasts paying council tax instead of business rates
  • charity properties getting charitable business rates relief, which are not eligible for small business rates relief or rural rate relief

 

How to access the scheme:

You can apply for the grant through your local council.

 

Loans & Lending Support.

 

The Temporary Coronavirus Business Interruption Loan Scheme.

 

 

What is it? – This scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.

 

 

How to find out if you’re eligible? – There are over 40 accredited lenders able to offer the scheme, you can find the link to apply here

 

 

Coronavirus Bounce Back Loans 

 

What is it? – The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000,The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

 

 

How to find out if you’re eligible? – You can apply for a loan if your business:

  • Is based in the UK
  • Has been negatively affected by the coronavirus
  • Was not under an ‘undertaking in difficulty’ on the 31st of December 2019.

 

 

How to apply? – The Bounce Back Loan scheme will launch on the 4th of May 2020.

 

 

Coronavirus Large Business Interruption Loan Scheme.

 

 

What is it? – The scheme provides a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million, The scheme will be delivered through commercial lenders, the scheme’s launch late April and provides short term loans, overdrafts, invoice finance and asset finance.

 

 

To be Eligible you must:

  • Be UK-based in its business activity
  • Have an annual turnover between £45 million and £500 million
  • Be unable to secure regular commercial financing
  • Have a borrowing proposal which the lender
    • Would consider viable, were it not for the COVID-19 pandemic
    • Believes will enable you to trade out of any short-term to medium-term difficulty.

 

 

Businesses from any sector can apply, except for the following:

 

  • Banks and building societies
  • Insurers and reinsurers (but not insurance brokers)
  • Public-sector organisations, including state-funded primary and secondary schools

 

 

 

Support for larger firms through Corporate financing facility

 

Under the scheme, the Bank of England will buy short term debt from larger companies, this will support your company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities, it will also support corporate finance markets overall and ease the supply of credit to all firms.

 

 

 

Tax Deferrals

The government have proposed several schemes that deferrer specific taxes in order to further support business.

 

  • Deferring Vat:All VAT for business will now be deferred from the 20th March 2020 until 30th June 2020.
  • Deferring Income Tax for Self-Employed – All Self-Assessment payments due on the 3st of July will be deferred until the 31 January 2021.

 

 

Comment from Hurstwood: ” We know that this is a difficult time for everyone and whilst we understand that many companies are having to adjust their way of working during this period, we must stress the importance of working together.  We want to remind our tenants that failure to pay rents will result in repercussions further down the line.  We too have responsibilities to our lenders and a business to run.  Tenants withholdings payments during this pandemic must be aware that, by law, any outstanding rent will still remain payable.  We encourage all our tenants to maintain dialogue with us as we overcome this challenging chapter in our lives”.

 

 

 

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