The Coastal BID has put together a comprehensive guide to resources and assistance that is available to businesses below. We are hearing the words that this is, “a rapidly changing situation”, which no one can deny. We will update you as and when updates are available, particularly in relation to the implementation of the various grants and loans that we have all been told about. Please keep an eye out on our Facebook page @CoastalBID, by following us on Twitter @CoastalBID and on our website.
All businesses in retail, hospitality and leisure
Business Rates Holiday
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England for the year 2020/2021.
- Information about this can be obtained from your local authority and guidance on this will be published on the 20 March.
Statutory Sick Pay
- For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full.
HMRC Time To Pay Scheme
- Payment plans and timings to be agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
- Telephone HMRC’s dedicated helpline on 0800 0159 559 for help with this.
Businesses who benefit from Small Business Rate Relief
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief.
- These grants are to be run by the Local Authority who are currently working with the Department for Business, Energy & Industrial Strategy as to implementation. When this is complete your Local Authority will contact you with information as to how to apply for the grant. As soon as we have any further information about this we will let you know.
Businesses whose rateable value is between £15,000 and £51,000
- Grant funding of up to £25,000 for retail, hospitality and leisure businesses.
- Grants to be administered by the Local Authority.
Coronavirus Business Interruption Loan Scheme
- Offering loans of up to £5 million for SMEs.
- Available through commercial lending, including major High Street banks, who will make the decision to lend.
- The loans will be guaranteed by the Government but it will remain the businesses responsibility to repay any monies borrowed.
- 6 month’s interest will be covered by the Government so that initial payments will be reduced.
- Details of the criteria can be found on the British Bank’s website here and businesses should contact lenders directly in order to apply.
Further details of financial support announced 20 March 2020
- Universal Credit allowance increased £1,000 a year and the next tax self assessments will be deferred until the start of next year.
- Full Universal Credit at a rate equivalent to statutory sick pay available to self-employed people.
- An additional £1 billion announced to cover 30% of housing rental costs.
- Deferral of next quarter of VAT payments so no business will pay VAT from now until the end of June and will have until the end of the financial year to repay bills.
- Coronavirus Business Interruption Loan Scheme (announced 11 March) will now be interest free for 12 months (originally 6 months).
Furloughing FAQs and Draft letter for Employees
We know that a lot of our businesses have queries about how to implement the furloughing process for employees under the Coronavirus Job Retention Scheme. Please follow the link below for a practical list of FAQ’s which should answer your questions.
We have also attached a draft letter (thanks to Make UK for this) for business owners to look at and for information.
Business Support Grant Fund BCP Council
BCP Council have published details of the grant funding that is available for businesses benefitting from Small Business Rate Relief and also for those who have a rateable value of up to £51,000.00.
To find out whether you qualify please follow this link:
The application form can be found here:
Please note this is not intended to take the place of independent legal advice and for information purposes only. This does not mean that you should not obtain independent legal advice relating to employment issues in your business and is published in good faith and without any liability on behalf of the Coastal BID or Make UK. We are not employment law specialists.
Find out about BCP Council’s latest COVID19 advice:
Track the number of new cases across the UK and in your area here:
Public Health England Dashboard
Find out more about government support for businesses:
Find out more about business rates holidays:
Business Rates Relief
Find out about new planning rules:
Relaxation of planning rules
Find out more Healthcare Advice:
NHS advice for businesses and employees