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Emergency funding support during the COVID-19 crisis

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20/03/2020

Click here to view our coronavirus series.

It goes without saying that in these testing times, a large proportion of the business community is having to cope with unprecedented pressures on cashflow and may require access to emergency funding solutions. Below is a brief summary of the measures that have been announced recently by Government. The list has been put together by the Bank of England’s agency staff in Leeds and although it doesn’t claim to be totally comprehensive, it collects together the most obvious places where you can check what support is available and how it will be delivered.

The government announcements are coming thick and fast and many of the proposals are still understandably light on detail but as more information becomes available we will pass it on.

Government

The announcement on the Gov.uk website lists the various measures available and who is administering them – it is comprehensive and updated as they add additional measures.

It includes a package of measures to support businesses including:

  • a statutory sick pay relief package for SMEs;
  • a 12-month business rates holiday for all retail, hospitality and leisure businesses in England;
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief;
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000;
  • the Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance; and
  • the HMRC Time To Pay Scheme.

In particular, you will see from the website that grants and business rate relief measures will be administered via Local Authorities (for example Leeds LA are signposting people to the LEP for triage to increase support across multiple issues).

The Coronavirus Business Interruption Loan Scheme (up to £5m loans) will launch next week and will be delivered through the British Business Bank and lenders.

If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.

Bank of England

There is a term funding scheme aimed at SMEs delivered via the banks. You should ask your bank relationship manager about support.

Insurance

The Association of British Insurers have issued a statement on business insurance cover which can be found here and have a COVID-19 Q&A here which includes business insurance, trade credit, income protection and pensions and investments.

Also, Visit Britain/Visit England have a dedicated COVID-19 webpage which contains the latest updates and key links for businesses and industry.

WM Comment

Please call your usual contact within Walker Morris and we will do all we can to help you get through the next few months.

 

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