Information for Businesses – Update as at 4 May 2020

Update as at 4 May 2020.

Saffron Walden Business Improvement District Ltd is not able to offer advice on any of the issues listed below.  What we are trying to do is “sign post” information in an environment which is changing very quickly.  If you need specific advice you should contact your own professional advisors (e.g. accountant).  

Given the introduction of the “Business Support Finder Tool” (see below), from now we will only post updated information.  As ever the Government outline the range of support information on  https://www.businesssupport.gov.uk/coronavirus-business-support/

Specifics:

  1. UDC Business Newsletter

Updated this week.

https://content.govdelivery.com/accounts/UKUTTLESFORD/bulletins/288c794

  1. Small Business Grants Fund

Has been topped up and extended to cover some businesses previously not covered by the original scheme.

https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme?utm_source=c711a024-400a-41c6-a2b9-1a103a62ddaa&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

  1. Fraud and cyber crime

The Government introduced guidance and advice.

https://www.gov.uk/government/publications/coronavirus-covid-19-fraud-and-cyber-crime/coronavirus-covid-19-advice-on-how-to-protect-yourself-and-your-business-from-fraud-and-cyber-crime

  1. Cash grants

Government issued guidance on the tax implications of the Grant Funding Scheme.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/882809/small-business-grant-and-retail-leisure-hospitality-grant-guidance-for-businesses.pdf

  1. Coronavirus Job Retention Scheme

The Government has launched a step by step guide.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/881800/Coronavirus_Job_Retention_Scheme_step_by_step_guide_for_employers.pdf

  1. Closing certain businesses and venues in England

The guidance has been updated but it isn’t clear exactly how.

https://www.gov.uk/government/publications/further-businesses-and-premises-to-close/further-businesses-and-premises-to-close-guidance

  1. BID’s to receive grants

A total of £6.1m has been allocated to be distributed to BIDs by local authorities.  This grant is to help with day to day expenses.  The Government recognise that “Many BIDs are now playing a crucial role during these challenging economic times, offering hands-on support to those businesses affected, including advice services, increased security to protect businesses that have closed, and providing key intelligence to local and central government on the impact of the coronavirus outbreak on their local economies.” 

We will be liaising with UDC in order to ensure SWBID receives its share.

https://www.gov.uk/government/news/6-1-million-funding-boost-to-help-high-streets-and-town-centres-through-pandemic?utm_source=a2f758f0-99ab-478a-8c67-743c985ef94f&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

  1. Bounce Back Loan Scheme

Launched by the Government up to £50,000 (capped at 25% of turnover) at an interest rate of 2.5%.  This is 100% underwritten by Government, which should make it more available to small businesses.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/882875/01052020_CX_Letter_to_banks_-_pricing_and_CCA_.pdf

Please contact us at  saffronwaldenbid@gmail.com, if you need further assistance.