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The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by Covid-19. Her Majesty's Treasury has produced this fact sheet to help you access Government financial support, including for the self-employed and business support.
The Bounce Back Loans Scheme opened for applications on 4th May. Delivered by lenders accredited by the British Business Bank, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k.
The Bounce Back Loans Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% per year. The government will cover interest payable in the first year.
Up to £50,000 Loan: Loans will be from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower.
100% Guarantee: The scheme provides the lender with a government-backed, full guarantee (100%) against the outstanding facility balance, both capital and interest. The borrower always remains 100% liable for the debt.
Interest Rate: The government has set the interest rate for this facility at 2.5% per annum, meaning businesses will all benefit from the same, low rate of interest.
Interest Paid by Government for 12 months: The government will make a Business Interruption Payment to the lenders to cover the first 12 months of interest payable, so businesses will benefit from no upfront costs.
No Principal Repayments for first 12 months: Borrowers will not have to begin principal repayments for the first 12 months, thereafter capital will be repaid on a straight line basis.
No Guarantee fee for Businesses or Lenders to Access the Scheme
Finance Terms: The length of the loan is for six years but early repayment are allowed, without early repayment fees.
No Personal Guarantees: No personal guarantees are allowed, and no recovery action can be taken over a principal private residence or principal private vehicle.
Any questions about the Bounce Back Loans Scheme should be directed to the accredited lenders, not the British Business Bank.
Claim a grant through the Coronavirus (COVID-19) Self-Employment Income Support Scheme (SEISS).
SEISS will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by Covid-19. The scheme will provide a grant worth 80% of their monthly trading profits up to a cap of £2,500 per month. This will be paid out in a single installment covering 3 months, capped at £7,500 in total. Applicants should check their payment date by entering their UTR number online. Payments will be made to those who apply on time by the 25th May.
Check their FAQs page to answer any questions that you may have.
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers designed to support employers whose operations have been severley affected by Covid-19. The scheme will cover the period from 1st March to the end of October.
Employers can use the portal to claim for 80% of furloughed employees (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme any time during this period.
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on or before 28th February 2020.
A new £50m fund for councils to support their local high streets get safely back to business has been announced by High Streets Minister Simon Clarke.
The Reopening High Streets Safely Fund will help councils in England introduce a range of safety measures in a move to get people back to work and customers back to the shops.
In response to the ongoing Coronavirus pandemic, D2N2 is working with partners to create the Redeployment Triage Service.
The Redeployment Triage Service, administered by Futures who are the National Careers Service provider for the East Midlands, will match those recently made redundant with new work in sectors experiencing a surge in employment demand such as food retail, care, and distribution.
The service also engages with employers needing to make redundancies to ensure a smooth transition for employees into new work.
This information is for all businesses and employers across Derbyshire and Nottinghamshire who are having to make changes to their workforce as a result of the Coronavirus pandemic.
Please follow the advice below to ensure we can support your employees and the labour market during this time.
If you have already made employees redundant or are about to make small numbers redundant (up to five), please refer those individuals for direct support to Futures, the National Careers Service provider for the East Midlands:
Email: firstname.lastname@example.org or call 0800 9179419
If you are planning to make larger-scale redundancies (five or more) additional support is also available for you as an employer and your employees.
In these circumstances, please use the same contact details above, but ensure your message includes:
For general guidance and links to further information on redundancy for both employers and employees, you can read the DWP Factsheet on Redundancy
If you are seeking to fill urgent vacancies, short or long term, to meet changes to your business as a result of Covid-19, we can help connect you with immediately available individuals. Please register your vacancies with:
(Senior Employment Support Adviser at Futures)
email@example.com or 0800 0858520
Please have the following information available when registering your vacancies:
Local authorities have updated their websites with how they will deliver the scheme and grants available.
Check your Local Authority Here or click on your local authority to find out more:
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|Broxtowe||North East Derbyshire|
|Derbyshire Dales||South Derbyshire|
The following details the guidance for businesses setting out details of the Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF). Businesses can find Guidance for Businesses which is being updated regularly with the latest advice.
£20bn of business rates support and grant funding has been announced to help the most-affected firms manage their cashflow through this period, this includes:
100% business rates holiday for 12 months for all retail, hospitality and leisure businesses in England.
Provision of £10,000 grants to small businesses who are eligible for Small Business Rate Relief.
If you have a property that has a rateable value of £15,000 and under, you may be eligible for a grant of £10,000
A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. This is additional funding beyond the Business Rates Relief Grants.
The details of the scheme will be announced by government including confirmation of the exact amount for each local authority.
This additional fund is aimed at small businesses with ongoing fixed property-related costs and Government is asking local authorities 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. 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.
In order to qualify for the Top-Up scheme, 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 with the maximum available amount via the scheme limited to £25,000.
The second level of grant available is for £10,000 with local authorities having the discretion to make payments of any amount under £10,000.
Click here for more information on the Top-up to Local Business Grant Funds Scheme
The Business Interruption Loan Scheme is designed to support businesses that are viable but unable to obtain finance due to having insufficient security to meet the lender’s normal requirements. This will support businesses with a turnover of up to £45m
The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank. There are 48 accredited lenders able to offer the scheme, including all major banks. The Scheme will support business loans and overdrafts of up to £5m in value by providing a guarantee to the lender. The Government will not charge businesses for this guarantee. The scheme will also cover asset finance and invoice finance.
In order to access the scheme, businesses should contact their finance provider, not the British Business Bank. This will help your finance provider to act quickly once the scheme has launched. If you have an existing loan with monthly repayments you may want to ask for a repayment holiday to help with cash flow.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) was announced by the Chancellor of the Exchequer on 16th April 2020. The new scheme provides finance to mid-sized and larger UK businesses with turnover above £45m (which is the upper limit for the existing smaller-business focused CBILS). CLBILS can help provide facilities of up to £25m for businesses with turnover from £45m up to £250m, and facilities of up to £50m for those businesses with a turnover of more than £250m who are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak. For more detail please see the CLBILS Factsheet.
Announced on 20th April by the Chancellor of the Exchequer, will open for applications on Wednesday 20th May.
Supporting innovative UK businesses with good potential that are essential in ensuring the UK retains its world leading position in science, innovation and technology. These companies typically rely on equity investment and are currently affected by Covid-19.
Until now these companies have been unable to access other government business support programmes because they are either pre-revenue or pre-profit. The financing supports companies facing a significantly extended length of time between funding rounds, due to the impact of the current economic situation.
Developed by government and delivered by the British Business Bank, the Future Fund will help these companies through the current period of economic disruption and recovery, so they are able to continue their growth trajectory and reach their full economic potential.
Universal Credit is available to individuals who do not meet the criteria of other available support and grants. To find out more information about Universal Credit and how to apply, please read: Understanding Universal Credit
There is also a How to Claim Universal Credit – Step by Step Guide which has information regarding eligibility, how to make your claim and how much you'll get.
The Building Business Resilience Programme is a support package available to businesses across the East Midlands. The focus at the moment is very much on offering practical support and guidance around the Covid-19 Crisis.
Click here for further advice or to Book an Appointment
The Department for Business, Energy and Industrial Strategy has published a list of sector specific Coronavirus support. Read more here
There are now new measures to protect UK high street from aggressive rent collection and closure. Read more here
Guidance for employers with employees on furlough can be found here
The NHS has a concise Guide to Coronavirus Covid-19, setting out how it's spread, how to avoid catching it, symptoms, treatment and what to do if you think you or any of your employees might have it.
The Chartered Institute for Personnel and Development has produced a fact sheet, which sets out how employers should respond to the threat from Coronavirus, Download Here
HMRC has launched a tax helpline to help businesses concerned about paying their tax due to coronavirus. Deferring VAT and Income Tax payments. More Information Here
Companies House are offering a 3 month extension period for all businesses to file thier accounts during Covid-19. More Information Here
The National Council for Voluntary Organisations (NCVO) have guidance and support information for charities during the Covid-19 lockdown. More Information Here
Mental Health Foundation have provided general support for looking after your mental health during the Covid-19 lockdown and outbreak. Read More Here
Information from gov.uk on extra protection for businesses with a ban evictions for commercial tenants who miss rent payments. Read More Here
Gov.uk have a new technology challenge to support people who are isolating. £500k of funding is available for tech companies who come up with digital support solutions for people who need to stay at home because of Coronavirus Covid-19. More Information Here
Sage are offering daily webinars and blog posts on the latest government schemes to tackle Coronavirus, offering advice on how small and medium sized businesses can act, and have created useful tools to explain what financial support businesses are eligible for in their Covid-19 Advice Hub, here.
If your business is able to offer Coronavirus support or if you are interested in finding out ways that your business can help with the Covid-19 crisis, please use the following service on the Gov.uk website
UK registered businesses can apply for a share of up to £20m to respond to new and urgent needs in UK and global communities during and following the Covid-19 pandemic.
Apply here: Business-led Innovation in Response to Global Disruption
We have now postponed all of our face to face Growth Hub events up until July 2020 under recent government advice. We will review this date on an ongoing basis.
(Please Note: This webpage is constantly being reviewed and updated to reflect current government advice and guidelines. The D2N2 Growth Hub acts as a signposting service, for specific queries on processing of support please contact the provider.)
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