BUSINESS

Information for businesses about how to find support

What the Government is doing

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.

 

This includes a package of measures to support businesses including:
 

  • a Coronavirus Job Retention Scheme

  • deferring VAT and Income Tax payments

  • 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 offering loans of up to £5 million for SMEs through the British Business Bank

  • a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans

  • the HMRC Time To Pay Scheme

What does this mean for you?

As a business you may be entitled to advice and support. We hosted an online meeting for businesses to get advice from a business finance professional on Monday 23 March. You can watch this back again here.

TOP TIPS

 

  • Don’t be afraid to ask for help , we are all in this together, talk to your accountant, banker or other advisor, keep people informed, do not adopt the Ostrich position.

  • Keep informed, listen to the news (but not too much) try and listen to a regular podcast from an economist to get some balance to the political rubbish  I listen to Deloitte’s economist.

  • Think of others don’t be greedy, don’t panic buy, if you have time volunteer at a local charity.

  • The new buzz words are going to be:- mothball, standstill, hold the line, dormancy.

  • Look at your business critically what has happened to my sales? Have I been forced to shut down? Should I keep going?

  • Cash preservation is critical, daily, weekly, monthly cashflows, constantly updated

  • Where can I get funds from? Own resources, insurance claim, grants, loans (beware of personal guarantees), how expensive is it?

  • Remember it has to be repaid

  • Can I slow my out goings and stop some,  and improve my incomings? 

  • Negotiate with creditors to push into the future payment dates, should be easier with HMRC, for some trade creditors much harder , you could kill them off! If you do that stick to them.

  • You may have to make redundancies or reduce staff hours,

  • There will be opportunities , new products eg hand sanitiser , face masks, etc  new ways to deliver a service or product eg Online local shopping website, home delivery, prepared packs of veg, meat products etc, flower delivery, 

  • Remember things will return to normal , but it will be a new normal, we will never go back to the way we were

  • Email business.rates@kirklees.gov.uk and ask to be included in the updates that will follow regarding accessing funding

  • Email contact@meltham.org to get regular updates

  • We need to keep everyone in touch with each other, so please talk and share your experiences, learning's & LOOK AFTER YOUR CASHFLOW!

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