Dear members,
This is a testing time for all businesses, so let’s try and support each other however we can.
If you are members of any networking groups, I would urge you to tap into them Talk over the phone, Skype, Zoom or whatever tools you use. Keep talking. Working from home and in your own business can feel lonely at the best of times.
Business grants and support are available with respect to the Covid-19 situation, please use links below. Some of the mechanics are being rolled out as we speak. The government website is being updated frequently.
- Government Covid-19 business grants and support for SMEs https://www.gov.uk/government/publications/guidance-to-employers-and-businesses- about-covid-19/covid-19-support-for-businesses
- Official business support website https://www.businesssupport.gov.uk/finance-and- business-planning/#partners
- Facebook ad grants register here https://www.facebook.com/business/boost/grants
- Businesses own a commercial property worth over £500k – potential tax credits back
- Existing businesses with 5+ staff and developing anything challenging may be able to claimR&D tax relief Below are some measures that businesses need to know:
- All those advised to self-isolate will be entitled to statutory sick pay, even if they have not presented with symptoms
- Employment and Support Allowance (benefit will be available from day one, not after a week as now
- Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks
- Small firms will be able to access “business interruption” loans of up to £1.2m
- Firms eligible for small business rates relief will get £3,000 cash grantBusiness should consider:
- Contact your business rates department
- Speak to your landlord to see if you can get a rent free period to assist with cashflow if yourrevenues are going to be impacted.
- Speak to your finance partners, if you have funding, and see if you could take a ‘repaymentholiday’ and bolt that additional amount on to the end of the term of the lending.
- Speak to your insurers to see if you are covered for any effects of business interruption (andif you use brokers make sure they are speaking to those who actually provide the cover). A lot of insurances might have illness-based cover in the product you have for your business, but some may only relate to specific type of viruses etc. so double check this
- Assess your staffing costs.
- Get yourself ‘out of environment’ and pre-plan what you might need to do.
- Start looking ahead. If you are going to need to borrow money for cashflow purposes etc.then start those conversations with your bank and lenders etc. now, do not wait until youurgently need the money in your account!
- Be objective but don’t panic. While the coverage of the illness is growing there is still timefor UK businesses to pre-plan a strategy and put yourself in the best possible position to minimise the damage that could be caused.
If you have any queries, please do not hesitate to contact me at:
Yongyi Neathercoat
Mobile: 07964796987
Email: cdcofficer@petworth.biz