13 Fitzroy Street, London, W1T 4BQ. Tel: 020 7755 3192 Email: info@fitzroviapartnership.com @Fitzpartnership © The Fitzrovia Partnership 2020

Covid-19 Business Support

1. GOVERNMENT ASSISTED FINANCE

The Government has made available a package of £330bn government-back loans and guarantees to businesses. For larger businesses, CBILS (Coronavirus Business Loan Interruption Scheme) will be delivered by British Business Bank made available through approved high street lenders. For smaller businesses, Cash Grants and Funding will be delivered by local authorities.

A. Medium to Large Companies

New! Businesses with turnover £45m – £500m

  • Government guarantee of 80% on loans up to £25 million
  • Offered at commercial rates of interest after 12 months interest free
  • Available on repayment terms of up to six years
  • All viable businesses, and not just those unable to access regular commercial financing, will now be eligible
  • No personal guarantees for loans under £250,000
  • No Fees – paid by Government
  • Interest free for first 12 months – paid by Government
  • first 12 months of interest payments and any lender-levied charges.

Businesses with turnover of up to £41m

  • Government guarantee of 80% on loans up to £1.2 million
  • Offered at commercial rates of interest after 12 months interest free
  • Available on repayment terms of up to six years
  • All viable businesses, and not just those unable to access regular commercial financing, will now be eligible
  • No personal guarantees for loans under £250,000
  • No Fees – paid by Government
  • Interest free for first 12 months – paid by Government
  • first 12 months of interest payments and any lender-levied charges.

More information:


B. Small to Medium Businesses

For businesses with rateable values up to £51,000

  • £25,000 Grant Funding for Retail, Hospitality and Leisure:  For business in the retail, hospitality or leisure sector, may be eligible to receive a cash grant of up to £25,000 per property.
    For businesses in these sectors with a rateable value of £15,000 and under may be eligible for a grant of £10,000. Businesses in these sectors with a rateable value of over £15,000 and less than £51,000 may be eligible for a grant of £25,000.  
    Camden Council will write to you if you are eligible for this grant.
  • Small business rate relief £10,000 cash grant: For businesses who are based in England, occupy a property and in receipt of small business rate relief/rural relief as of 11 March, the £3,000 cash grant has been increased to £10,000 for 700,000 of smaller businesses, delivered by local authorities.

Business Support Helplines

2. BUSINESS RATES

  • Business Rates Relief: Pubs will receive an additional £5000 business rates relief, where rateable value is below £100,000.
  • Business Rate Discount: A temporary increase of the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value.

    This discount will also be extended to cover all the hospitality and leisure sector (not just those up to £51,000) as well as estate agents, letting agencies and bingo halls. This includes shops, restaurants, cafes, drinking establishments, cinemas and live music venues, hotels, guest & boarding premises or self-catering accommodation
    More info on business rates exemptions

  • CAMDEN COUNCIL, Business Rates. Camden Council has re-billed all retail, hospitality and leisure businesses, and private nurseries, who do not have to pay their business rates bill for 2020/21.
    If you haven’t received a revised bill for 2020/21, please call Camden Council on 020 7974 6460

3. JOB RETENTION SCHEME (FURLOUGH) 

  • Any company is eligible for a grant to cover payroll of those not working due to Covid-19 (furloughed employees) with 80% of wages for employees not working up to £2,500 a month. Employers can choose to top this up.
  • Employers will be liable to pay Employer National Insurance contributions and workplace pension scheme.  This also applies to self-employed with a trading profit of under £50,000 and have a self-employed tax return for 2019.
  • Furloughed employees must have been on your PAYE payroll on 28 February 2020 and includes full time, part time, agency contracts, flexible or zero hours contracts.
  • The scheme also covers employees who have been made redundant since 28 February 2020, if they are rehired by their employer.
  • This can be back-dated to 1 March and available for three months. It will be extended if necessary.
  • The first grants will be available through HMRC before the end of April.
  • Conditions of being furloughed:
    • On furlough, an employee can not undertake work for or on behalf of the organisation to generate revenue.
    • Furlough does not apply to employees if you have just their reduced hours.
    • Wages of furloughed employees will be subject to Income Tax and National Insurance and workplace pension contributions. 
    • Furloughed employees may be able to work for another employer, providing it does not breach their contractual obligations with their current employer. Individuals should only work outside of the hours they would normally work in their usual job and should seek permission of their current employer.

3. VAT PAYMENTS

  • If you choose to defer your next VAT payment i.e. VAT payments due between 20 March 2020 and 30 June 2020, you still need to submit your VAT return on time. If you defer, you do not need to tell HMRC, just cancel your Direct Debit payment.

4. FILING COMPANY ACCOUNTS

  • Businesses are eligible to apply for a three month extension on filing accounts, whilst managing COVID-19. If you do not apply for an extension and your accounts are filed late, an automatic penalty will be imposed. 
    How to apply for the extension
  • If Coronavirus (COVID-19) has affected your company and you need more time to file your accounts, act before your filing deadline.
    Find out how to apply for more time to file your accounts

5. STATUTORY SICK PAY

  • Statutory Sick Pay will be available from day 1 rather than day 4 and for businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full.  The weekly allowance for SSP will increase from £94.25 to £95.85 on 6 April.

6. WORKING FROM HOME

  • Working from home: Employers should also facilitate home working where possible and come to sensible compromises with employees where this is not possible.
  • Working from home set up: Should your business need help with setting up home working facilities, connectivity, etc, The Fitzrovia Partnership’s preferred IT supplier, GMA will be able to help. Please email savings@fitzroviapartnership.com

7. USEFUL LINKS

BRITISH BUSINESS BANK

__________

Guidance for Employers and Businesses
(Gov.uk)

__________

ACAS Guidance for Business and Employees on Homeworking
(ACAS)

  • PLEASE USE ONLINE SERVICE FIRST.
    ONLY CALL WHEN NECESSARY.