Wide range of support available to business in light of Coronavirus
The current situation is having an unprecedented impact on the economy, and the operations of businesses across all sectors. Warwickshire County Council is working with partners CWLEP Growth Hub, Coventry and Warwickshire Chamber of Commerce, the Federation of Small Businesses, our District and Borough Councils and others to co-ordinate and provide support to local businesses in these difficult times.
At heart of this is a package of support measures that the Government has announced over the last couple of week, which includes:
- the Coronavirus Business Interruption Loan Scheme; a temporary scheme to support small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years. The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. Businesses can apply for a loan via their current lender or through one of over 40 accredited finance providers offering the scheme. Not every accredited lender can provide every type of finance. The full rules and the list of accredited lenders is available on the British Business Bank web site.
- the Coronavirus Job Retention Scheme; a scheme by which all UK employers with a PAYE scheme created and started on or before 28 February 2020 can access support to continue paying part of the salary of employees that would otherwise have been laid off during this crisis. It should be noted that directors of companies can also utilise this support measure if they pay themselves through PAYE, if the self-employment support scheme does not work for them.
- the Self-employment Income Support Scheme: to support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19.The scheme will provide a grant to self-employed individuals or partnerships worth 80% of their profits up to a cap of £2,500 per month.
- Small business grant funding; additional funding through one-off grants of £10,000 to support small businesses that already pay little or no business rates because of small business rate relief (SBRR) or rural rate relief (RRR).
- the HMRC Time-To-Pay Scheme; 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. Arrangements will be agreed on a case-by-case basis.
- a new corporate financing facility for larger firms; under the new Covid-19 Corporate Financing Facility, 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.
Warwickshire County Council's guidance for businesses can be found at: https://www.warwickshire.gov.uk/coronavirusbusinesssupport and a list of other useful links can be found below.
Warwickshire County Council's Assistant Director for Communities David Ayton-Hill said it is paramount than people stay safe and abide by the social distancing regulations, but it is also important to remember that the economy is not closed - and that business, as much as possible, goes on.
"This is a uniquely challenging situation for all businesses," said Mr Ayton-Hill. "But while always observing the social distancing regulations announced recently, we need to maintain as much economic activity as possible for when things do start to return to normal.
"Technology today enables much more effective remote working and it is important that we try to make this work as much as possible. This is a very difficult time for businesses, employers and employees, of course, but a range of support measures have been introduced. We would encourage businesses who are unsure about what support they might be eligible for, of if they have any questions about the measures that have been put in place, to contact the Coventry & Warwickshire Growth Hub in the first instance."
The Coventry & Warwickshire Growth Hub has a dedicated website with the latest information and businesses can call 0300 060 3747 or email email@example.com for support and request a call-back via an online form. Business can also join a mailing list to receive regular news and updates including the latest Government guidance for businesses and employers.
For more information on the assistance currently available to your business, please visit these links:
A lot of information, advice and support is available to businesses in the tourism sector. This support includes how to access funding, as well as other guidance for employers, employees and businesses. VisitBritain/VisitEngland is updating its information regularly at https://www.visitbritain.org/covid-19-new-coronavirus-latest-information-and-advice-for-businesses
Other useful links:
Business urged to make fire-safety a prority
Home Delivery Guidance for Shops
Tourism Business Advice
Supermarkets and other companies looking for staff to help with Coronavirus response
If you are a business which is unsure whether or not you should close
Security officers classed as essential workers