Business Support

Message from Katherine

There will be a significant impact on employers of all sizes during the coronavirus pandemic but the Government is taking steps to mitigate this. We've put in place an unprecedented range of measures available to businesses from the Treasury to support your business get through these difficult times. As the Chancellor has said " We will do whatever it takes" 

All the latest information on Business support can be found .GOV HERE  but I have pulled together the key points into this page to give anyone worried about their business a place to start. 

Please do get directly in touch with any difficulties. 

Stay safe 

Katherine (Katherine.Fletcher.MP@parliament.uk

All schemes available for Employers

Coronavirus Business Interruption Loan Schemes

The Coronavirus Business Interruption Loan Schemes, managed by the British Business Bank, are designed to support small and large businesses across the UK that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 outbreak.

Three schemes are currently available:

1. Bounce Back Loan Scheme (BBLS)

  • For SMEs, micro businesses and other businesses requiring smaller loans
  • Looking for between £2,000 and £50,000
  • Term loan repaid over six years
  • No set-up fees and first 12 months of interest payments covered by government
  • No repayments during the first 12 months

Apply at .GOV HERE 

For a detailed Q&A see www.katherinefletcher.uk/bounce-back-loans

2. Coronavirus Business Interruption Loan Scheme (CBILS)

  • For smaller businesses with a turnover of less than £45 million
  • Looking for up to £5 million in finance
  • Business loans, overdrafts, invoice finance and asset finance available
  • First 12 months of interest and lender-levied fees covered
  • More than 40 accredited lenders

Apply at .GOV HERE

For a detailed Q&A see www.katherinefletcher.uk/coronavirus-business-interruption-loan-scheme-cbils

3. Coronavirus Large Business Interruption Loan Scheme (CLBILS)

  • For larger businesses with a turnover of more than £45 million
  • Looking for up to £50 million in finance (depending on turnover)
  • Business loans, overdrafts, invoice finance and asset finance available
  • Repayment terms of up to three years

These are just some of a number of measures the Government has announced. You can find full details of the measures to support public services, people and businesses through this period of disruption caused by the coronavirus here

**Apply at .GOV HERE**

Coronavirus Job Retention Scheme

Under this scheme, the Government covers 80% of the salary of PAYE employees who would otherwise have lost their jobs due to the coronavirus outbreak.

The scheme is open to all employers and covers wages backdated to 1 March 2020. It will continue for at least three months.

**Apply at .GOV HERE**

For a detailed Q&A see www.katherinefletcher.uk/job-retention-scheme

Cash grants from local authorities

The Government announced two cash grants for small businesses, available from local authorities.

Local authorities will inform small businesses if they are eligible for the grant — businesses should not need to make a claim.

£10,000 cash grant

Small businesses will receive a £10,000 cash grant if they:

£25,000 cash grant for retail, hospitality and leisure businesse

Businesses that operate in retail, hospitality and leisure sectors and occupy premises with a rateable value of £15,000–£51,000 will receive a cash grant of up to £25,000.

**See Business Grants Section here on how to apply**

VAT DEFERRAL

  • the government is deferring VAT payments for the next quarter. That means businesses will not pay any VAT from now through to the end of June.
  • businesses will have until the end of the financial year to pay back any deferred taxes. This is to help support businesses with their cash flows, and support individuals’ employment.
  • over a million businesses of different size and sector are expected to benefit. This is an automatic offer with no applications required.

Read the guidance at .GOV HERE

For a detailed Q&A see www.katherinefletcher.uk/vat-deferral

Covid Corporate Financing Facility (CCFF)

Under this scheme, the Bank of England buys short-term debt from larger companies.

The facility is designed to support liquidity among larger firms, helping them to bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.

It supports businesses that have been affected by a short-term funding squeeze and allow them to finance their short-term liabilities.

**Apply at .GOV HERE**

Statutory Sick Pay (SSP)

  • this refund will cover up to two weeks’ SSP per eligible employee who are either ill or been told to self-isolate because of COVID-19. This is in line with the recommended isolation period. 
  • employers with fewer than 250 employees will be eligible. The size of an employer will be determined by the number of people they employed as of 28 February 2020
  • employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19
  • employers should maintain records of staff absences, but employees will not need to provide a GP fit note
  • the eligible period for the scheme began on 13 March
  • the government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible. Existing systems are not designed to facilitate employer refunds for SSP.

Employees can claim at .GOV HERE

Employers can claim back staff sick pay at .GOV HERE 

Business Rates holiday for 1 year from 1 April 2020

  • if you are currently receiving the retail discount for your Business Rates bill, you will receive a revised bill with 100% relief shortly
  • if your business occupies a property in the retail sector with a rateable value of £51,000 or more, or if your business occupies a property in the leisure or hospitality sectors you may also be eligible for the 100% discount on your business rates bill
  • you will shortly hear from your Local Authority. If you have any questions, you should contact your Local Authority
  • if you are a nursery, you will be entitled to the 100% relief for the next year. You should contact your Local Authority for more information

Find out if this applies to you at .GOV HERE