Coronavirus (COVID-19): Information and guidance for SMEs
With the ramification of the Coronavirus (COVID-19) being felt by businesses around the world, from supply chain issues to employee international travel, it is crucial that SMEs have access to the right information.
The Government has published guidance for employees, employers and businesses explaining how to tackle the following:
- How to prevent the spread of coronavirus
- What to do if someone in the workplace becomes ill
- Advice on sick pay and certification of absence from work resulting from coronavirus
- Business support measures on rate relief and loans
The full guidance can be found here.
The Government has also announced a £330bn package of support to businesses.
A new Coronavirus Business Interruption Loan Scheme will launch in the week commencing 23 March 2020. This will cover loans and overdrafts up to £1.2 million and there will be no fee payable to the Government. This is borrowing that must be repaid, these are not grants.
To access the Scheme, you will have to talk to your bank or finance provider as soon as possible and discuss your business plan with them. 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.
This content was supplied by the South East Local Enterprise Partnership.
The South East Local Enterprise Partnership (SELEP) is a genuine ‘coalition for growth’ between business, government and education. We put the role of enterprise – as the driving motor of the economy – at the heart of everything we do; and we work in partnership with central government and its key agencies to pursue and attract major investment into the South East to deliver significant economic growth.
