Corona Virus Business Support Summary from Saffron Walden BID
The best place to find out what is available remains the government webpage:
https://www.businesssupport.gov.uk/coronavirus-business-support/
However, given the pace at which circumstances are changing finding out detail including how to apply is sometimes a bit “sketchy”. Set out below is what we know so far, in addition to what can be found on government websites. These are our views and not advice, if you are in any doubt you must speak to your accountant, lawyer etc.
- Coronavirus Job Retention Scheme
HMRC “urgently” setting up reimbursement scheme. - VAT – deferred
- Income Tax
Rebate scheme “is being developed” - Business rates holiday
UDC has received the Government advice and are now urgently working on how to update systems to cope. UDC will publish details on its website and we will link when it does.
- Cash grants
We will continue to press UDC for details.
- Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan scheme will be administered by your existing bank. Demand is already to be high and the banks will be “swamped”. Our advice (for what it is worth) is to start drawing up cashflows as soon as possible, demonstrating your best guess as to how Coronavirus is going to affect your business and make early contact with your bank manager to try and get yourself a “place in the queue”. The Government will be guaranteeing 80% of the loan amount to your bank but you can expect your bank to be concerned as to how you will repay the loan and security for their 20%.
- Time to Pay service
“If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559.”
- Insurance
Only if you have cover for pandemics.
If you are closed, check to see if your policy requires you to (for example) drain the water system.
- Protection from Eviction
Commercial tenants who cannot pay their rent because of Coronavirus will be protected from eviction.
