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Oswestry BID understands the impact the Coronavirus pandemic is having on our business community. We’re working hard to bring you the latest information as quickly as possible during these uncertain times.
We’d like to thank the Oswestry BID businesses that are rallying round to provide services and products that are especially valuable at this time and also thank those businesses who have taken the difficult decision to close their businesses in order to protect their staff and the public.
We’re with you during these difficult times.
To get in touch with us or sign up to the newsletter email email@example.com
This is an evolving resource that will be amended as and when we receive updated information from the UK Government, Shropshire County Council and Oswestry Town Council.
Measures have been put in place by the Government to support businesses through the disruption caused by COVID-19:
To help reduce your business outgoings, the Government will be introducing a business rates retail holiday for the 2020/21 tax year for retail, hospitality and leisure businesses. There is no action for you. Local authorities will apply the business rates holiday to your bills. For more information please check the guidance on gov.uk.
To help small businesses meet their ongoing business costs, the Government will provide additional funding for local authorities to support those paying little or no business rates (due to Small Business Rate Relief (SBRR) or Rural Rate Relief (RRR)). This scheme is expected to be operating by early April and will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or RRR.
How it will work:
If your business is eligible for SBRR or RRR, your local authority will contact you directly; you do not need to apply.
A new temporary ‘Coronavirus Business Interruption Loan Scheme’ will be launched week-commencing 23rd March 2020 to support businesses to access bank lending and overdrafts.
How it will work:
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
Update: May 4th 2020: For latest info: https://www.oneoswestry.co.uk/news/bounce-back-loan-bbl-scheme-now-available/
The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £50 million and the government guarantees 80% of the finance to the lender.
You can apply for a loan if your business:
You need to show that:
A lender can provide up to:
Contact your Bank or commercial lender to apply.
Under the COVID-19 Corporate Financing Facility (CCFF), the Bank of England will buy short-term debt from large companies.
This scheme will support your company if it’s been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms.
The scheme is delivered through commercial lenders, backed by the Bank of England.
It will operate for at least 12 months, and for as long as steps are needed to relieve cash flow pressures on firms that make a material contribution to the UK economy.
Companies – and their finance subsidiaries – that make a material contribution to the UK economy are able to participate.
Check on the Bank of England website.
The full rules of the scheme and guidance on how to apply is available on the Bank of England website.
The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The scheme is open for applications until the end of September 2020.
Your business is eligible if:
Check eligibility – https://www.uk-futurefund.co.uk/s/eligibility
Under the Small Business Grant Fund, all businesses in England in receipt of either Small Business Rate Relief or Rural Rate Relief in the business rates system will be eligible for a payment of £10,000, providing they meet the eligibility rules given here.
To be included a business must be eligible for either relief as at 11 March 2020 and have a rateable value of £15,000 or less.
Some businesses are excluded from this scheme. They are:
The person who the billing authority have identified as the ratepayer in respect of the business premises on that day will be eligible for the grant.
Under the Retail, Hospitality and Leisure Grant eligible businesses in England in receipt of the Expanded Retail Discount (which covers retail, hospitality and leisure) with a rateable value of less than £51,000 will be eligible for cash grants of £10,000 or £25,000 per property.
Eligible businesses in these sectors with a property that has a rateable value of up to and including £15,000 will receive a grant of £10,000.
Eligible businesses in these sectors with a property that has a rateable value of over £15,000 and less than £51,000 will receive a grant of £25,000.
Some businesses are excluded from this scheme. They are:
UPDATED: 5th May 2020
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. We are 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. 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 set out shortly.
The Coronavirus Statutory Sick Pay Rebate Scheme which allows small and medium sized employers, with fewer than 250 members of staff, to apply to recover the costs of paying coronavirus-related Statutory Sick Pay for two weeks – worth nearly £200 per employee.
Launching on gov.uk today, the new online service is being run by HMRC, and after making an application employers will receive the money within six working days.
To get the rebate, employers will need to go online and input simple information on the employees being claimed for.
The service can be accessed here.
The scheme covers all types of employment contracts, including:
The Government’s Coronavirus Job Retention Scheme is now live, with businesses able to claim up to £2,500 a month towards staff wages.
You must have:
Any entity with a UK payroll can apply, including businesses, charities, recruitment agencies and public authorities.
Advice and support from the Government is changing daily, therefore we will be keeping this page as up to date as we possibly can. Please check the official Government pages as well:
High street shops and other companies under strain will be protected from aggressive rent collection and asked to pay what they can during the coronavirus pandemic.
All businesses in financial distress, and with outstanding tax liabilities, may be eligible for support with their tax affairs through HMRC’s existing ‘Time To Pay’ scheme.
How it works:
If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559. Arrangements will be made on a case-by-case basis.
The Government will defer VAT payments between 20th March & 30th June with businesses given until the end of the tax year to repay any liabilities that accumulate.
Businesses can defer Valued Added Tax (VAT) payments for 3 months. If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
Businesses that have cover for both pandemics and Government-ordered closures should be covered. Check your existing insurance policy, and terms & conditions, as they are all different; contact your provider if you’re unsure.
How it works:
Pubs, clubs, theatres, social venues etc can make a claim. This is because the Government advised the public to avoid these businesses on 17th March 2020.
If your business is feeling the impact of this economic shock, and is in need of advice of how to prepare and communicate with your staff, or are looking for the latest guidance for dealing with customers in your business please find below a useful links to the current information available: