{"id":523272,"date":"2020-04-06T07:00:36","date_gmt":"2020-04-06T06:00:36","guid":{"rendered":"https:\/\/www.maddyness.com\/uk\/?p=523272"},"modified":"2020-04-03T13:00:52","modified_gmt":"2020-04-03T12:00:52","slug":"support-for-businesses-during-the-coronavirus-crisis","status":"publish","type":"post","link":"https:\/\/www.maddyness.com\/uk\/2020\/04\/06\/support-for-businesses-during-the-coronavirus-crisis\/","title":{"rendered":"Support for businesses during the coronavirus crisis"},"content":{"rendered":"
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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<\/p>\n<\/div>\n<\/div>\n

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The change is aimed at allowing businesses under particular pressure from the impacts of COVID-19 the flexibility to better manage their workforce, while protecting workers\u2019 right to paid holiday.<\/p>\n

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small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of \u00a310,000 to eligible businesses to help meet their ongoing business costs.<\/p>\n<\/div>\n

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For more information: https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers- and-businesses-about-covid-19\/covid-19-support-for-businesses#support-for-businesses- that-pay-little-or-no-business-rates<\/p>\n

Support for businesses through the Coronavirus Business Interruption Loan Scheme<\/p>\n

The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to \u00a35 million and for up to 6 years.<\/p>\n

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.<\/p>\n

The government will provide lenders with a guarantee of 80% on each loan (subject to pre- lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The scheme will be delivered through commercial lenders, backed by the government- owned British Business Bank. There are 40 accredited lenders able to offer the scheme, including all the major banks.<\/p>\n

For more information: https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers- and-businesses-about-covid-19\/covid-19-support-for-businesses#support-for-businesses- through-the-coronavirus-business-interruption-loan-scheme<\/p>\n

Support for larger firms through the COVID-19 Corporate Financing Facility<\/p>\n

Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.<\/p>\n

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.<\/p>\n

For more information: https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers- and-businesses-about-covid-19\/covid-19-support-for-businesses#support-for-larger-firms- through-the-covid-19-corporate-financing-facility<\/p>\n

Support for businesses and self-employed people paying tax: Time to Pay service<\/p>\n

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\u2019s Time To Pay service.<\/p>\n

These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.<\/p>\n

If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC\u2019s dedicated helpline: 0800 0159 559.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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For more information: https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers- and-businesses-about-covid-19\/covid-19-support-for-businesses#support-for-businesses- paying-tax-time-to-pay-service<\/p>\n

Support for Self-employed<\/p>\n

Self-employed workers can apply for a grant worth 80% of their average monthly profits. The money \u2013 up to \u00a32,500 a month \u2013 will be paid in a single lump sum. This can be back-dated to March but will not begin to arrive until June at the earliest. The grant is taxable and will not be available if taxable profits exceed \u00a350,000. Unlike the employee scheme, the self-employed can continue to work as they receive support.<\/p>\n

This does not apply to contractors, personal service companies or business owners who take their remuneration through dividends.<\/p>\n

For more information: https:\/\/www.gov.uk\/guidance\/claim-a-grant-through-the-coronavirus- covid-19-self-employment-income-support-scheme<\/p>\n

Commercial insurance<\/p>\n

Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19.<\/p>\n

However, those businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim (subject to the terms and conditions of their policy).<\/p>\n

For more information: https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers- and-businesses-about-covid-19\/covid-19-support-for-businesses#commercial-insurance<\/p>\n

Protection from eviction for commercial tenants<\/p>\n

Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction.<\/p>\n

These measures will mean no business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30 June.<\/p>\n

For more information: https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers- and-businesses-about-covid-19\/covid-19-support-for-businesses#commercial-insurance<\/p>\n

Other useful links:<\/p>\n

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The British Chambers of Commerce has a Coronavirus Hub. There is a FAQs page on UK government support measures and also a general FAQs page which looks at cash flow and travel and trade.<\/p>\n

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  1. The government also have a FAQs page regarding business support which will be regularly updated according to the latest advice and guidance.<\/li>\n
  2. UK Finance, which represents banks and other organisations that lend to businesses, has a \u2018Let\u2019s Talk Business \u2013 COVID-19\u2019 article. This explains the measures that its members are taking. It also has a section where questions that businesses may have are answered.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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    4. BBC News offers a guide to applying for government business support, breaking down how the Business Interruption Loan Scheme works, what help there is for bigger<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n

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    businesses and how big companies apply for this.<\/p>\n

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    1. The Bank of England has a page designed for companies, and banks acting on behalfof companies, that would like to participate in the HM Treasury and the Bank of England\u2019s Covid Corporate Financing Facility (CCFF). This also has a useful Q&A section for companies.<\/li>\n
    2. Visit Britain has a page which contains useful links to information on general advice and support for businesses as well as all of the latest tourism-related news and\u00a0information for UK tourism businesses on the outbreak of COVID-19.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n
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    1. People unable to work for more than 7 days because of the virus can now use an online\u00a0sick note system.<\/li>\n
    2. The Institute of Chartered Accountants in England and Wales has a practical businessadvice page which quickly summarises the help announced by the government. This has links for employers, all businesses, self-employed, small businesses, small and medium businesses, large businesses, retail, hospitality and leisure businesses and nursery businesses.<\/li>\n<\/ol>\n

      9. Gov.uk provides advice on developing business continuity plans which include a Business Continuity toolkit.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n

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    10. The FCA has a page providing information for firms on Coronavirus.<\/p>\n

    11. The Chartered Institute of Public Relations has produced a document with tips for<\/p>\n

    communicating with employees at times of crisis.
    \n12. Companies House has allowed companies to receive a 3 month extension period to<\/p>\n

    file accounts during the outbreak.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    The material contained in this note is provided for general purposes only and does not constitute professional advice specific to your situation, and should not be relied upon. Appropriate advice should be sought for your specific circumstances and before any action is taken.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      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 The change is aimed at allowing businesses under particular pressure from the impacts of COVID-19 the flexibility to better manage their workforce, while protecting workers\u2019 right to […]<\/p>\n","protected":false},"author":121,"featured_media":523273,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"footnotes":""},"categories":[34355],"tags":[],"hashtag":[34162],"type-d-article":[23048],"maddybasic_maturity":[],"maddybasic_thematic":[],"partnership":[],"poool":[],"class_list":["post-523272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","hashtag-coronavirus","type-d-article-classique"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/posts\/523272"}],"collection":[{"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/comments?post=523272"}],"version-history":[{"count":8,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/posts\/523272\/revisions"}],"predecessor-version":[{"id":523297,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/posts\/523272\/revisions\/523297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/media\/523273"}],"wp:attachment":[{"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/media?parent=523272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/categories?post=523272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/tags?post=523272"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/hashtag?post=523272"},{"taxonomy":"type-d-article","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/type-d-article?post=523272"},{"taxonomy":"maddybasic_maturity","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/maddybasic_maturity?post=523272"},{"taxonomy":"maddybasic_thematic","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/maddybasic_thematic?post=523272"},{"taxonomy":"partnership","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/partnership?post=523272"},{"taxonomy":"poool","embeddable":true,"href":"https:\/\/www.maddyness.com\/uk\/wp-json\/wp\/v2\/poool?post=523272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}