Bedford Borough Newsletter April 2020

Covid 19 Business Support

The Government is supporting businesses and their employees through a package of measures during this period of unprecedented disruption. They have set up a business support website which helps you find the right support, advice and information to help with the impact of coronavirus (Covid-19) on your business.  https://www.businesssupport.gov.uk/

Coronavirus Business Interruption Loan

The Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses, with an annual turnover of up to £45m, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to six years.

The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank. The Government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The Government will also make a Business Interruption Payment to cover the first 12 months of interest payment and any lender-levied fees, so businesses will benefit from no upfront costs and lower initial repayments. There are 40 accredited lenders able to offer the scheme, including all the major banks.

The full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website.   https://www.british-business-bank.co.uk/

Self Employment Income Support Scheme

The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income, has been negatively impacted by COVID-19.  The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.

HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.

For more information please follow the link:  https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

Small Business Grant Funding

Local businesses can apply for a business support grant via the Council’s website if they meet the Government’s qualifying criteria.  The Government has announced a range of grant funding for certain businesses affected by the ongoing coronavirus pandemic.

Bedford Borough Council has set up an online form, enabling local businesses to apply for this money.

Further information and the form can be accessed at www.bedford.gov.uk/covid19business

Business Rates Holiday for Retail, Hospitality and Leisure.

Businesses in the retail, hospitality and leisure businesses in England will not have to pay business rates for the 2020-21 tax year.  This will apply to your business rates bills for the 2020/2021 tax year.

For more information please check the guidance on gov.uk.

Offer Coronavirus support from your business

The Government have set up a link on how your business might be able to help with the response to the coronavirus pandemic.  You can use this service to find out more and register your interest.

The support needed includes things like:

·       medical testing equipment

·       medical equipment design

·       protective equipment for healthcare workers, such as masks, gowns and sanitiser

·       hotel rooms

·       transport and logistics, for moving goods or people

·       manufacturing equipment

·       warehouse or office space, for medical use or storage

·       expertise or support on IT, manufacturing, construction, project management,   procurement or engineering

·       social care or childcare

You will be asked some questions about the type of support you can give and then contacted as soon as possible if your support is needed.  Also have your company number handy if you have one.

https://www.gov.uk/coronavirus-support-from-business