Please find below details of the latest updates from the Government regarding assistance available to businesses.
Bounce Back Loan Scheme Opens
- Small businesses will be able to apply for quick and easy-to-access loans from today
- Businesses will be able to borrow between £2,000 and £50,000 with the cash arriving within days
- Loans will be 100% government backed for lenders, and businesses can apply online through a short and simple form
- From 9am this morning, small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.
- More information here: https://www.gov.uk/government/news/new-bounce-back-loans-to-launch-today
- You can apply here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/
Top up funding for small businesses
- A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. This additional fund is aimed at small businesses with ongoing fixed property-related costs. Local authorities are being asked to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. But local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.
- Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
- There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
- Further guidance for local authorities will be available shortly.
- More information here: https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme
Financial support for BIDs announced
- BIDs across England will share £6.1m of funding to spend on projects that will help their local economies through the uncertainty of the coronavirus (COVID-19) pandemic, High Streets Minister Simon Clarke MP has confirmed. The money will be paid to local authorities and dispersed to BIDs.
- The High Streets Minister said: “BIDs are uniquely placed and have a proven track record of success in supporting local businesses, empowering communities, championing our town centres and driving forward the renewal of our high streets. It’s only right that during these unprecedented times we give them all the necessary support they need to continue operating, so that they can carry on their vital work now and crucially when we move into the recovery phase from the current crisis.”
Reviving physical store sales
- Finally there’s an article in the Retail Gazette about ‘How can retailers revive physical store sales after lockdown?’ which you might find helpful.https://www.retailgazette.co.uk/blog/2020/04/how-can-retailers-revive-physical-store-sales-after-lockdown/