Covid - 19 Support for Business
Information is changing swiftly, but below are some useful links to keep you updated.
Welsh Government
The Welsh Government has announced an additional package of support for businesses hit by Coronavirus. More detail can be found here: https://businesswales.gov.wales/coronavirus-advice
So far: Package of support worth £1.4bn for small businesses.
Shops, leisure and hospitality businesses with a rateable value of £51,000 or less will receive 100% business rates relief and pubs with a rateable value of between £51,000 and £100,000 will receive a £5,000 reduction on their bill. This will be administered through your local authority.
Expanding on this support a new package providing in 2020/21, retail, leisure and hospitality businesses in Wales with one year business rates relief and a grant of £25,000 for retail, leisure and hospitality businesses with a rateable value of between £12,001 and £51,000.
It also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.
Businesses that qualify for this support will not need to do anything to apply for this scheme. This will be administered through the Business Rates system. You do not need to contact your Local Authority about this, you will receive information in due course.
Business Wales https://businesswales.gov.wales/coronavirus-advice
CALL 03000 6 03000
UK Government
The announcement on the Gov.uk website lists the various measures available and who is administering them https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses – it is comprehensive & updated as they add additional measures.
Support for businesses through the Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.
Eligibility
All UK businesses are eligible.
How to access the scheme
You will need to:
designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan.
The ‘business interruption’ loan scheme (up to £5m loans) will launch next week (w/c 23/3) and will be delivered through the British Business Bank and the BBB link is: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
Two schemes involving the Bank of England:
* The measures on 11th March included a term funding scheme aimed at SMEs delivered via the banks: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
* Another scheme for larger firms via the Bank of England https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility and for which there is a market notice explaining some of the detail of how the facility will work: https://www.bankofengland.co.uk/markets/market-notices/2020/ccff-market-notice-march-2020. Application forms and pricing will be added to the Bank of England’s website on Monday 23rd.
* the Bank will publish a dedicated webpage for corporates seeking to use the Covid Corporate Financing Facility (CCCF) as soon as possible.
Development Bank of Wales
Offering a three-month capital repayment holiday to their customers to help manage cash flow as the Coronavirus continues to develop. https://developmentbank.wales/coronavirus-support-welsh-businesses
The Association of British Insurers have issued a statement on business insurance cover here<https://www.abi.org.uk/news/news-articles/2020/03/statement-on-business-insurance-and-coronavirus/> and have a COVID-19 Q&A here<https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/> which includes business insurance, trade credit, income protection and pensions and investments.