During this time of uncertainty, our main priority is the safety of our customers and colleagues. We want to continue to support our customers through this difficult time by keeping our communities (virtually) connected and up to date with relevant news, events Government updates and financial support available.
Employee & Self Employment Support Scheme Eligibility Details How to access it CV Job Retention Scheme All UK businesses HMRC will reimburse 80% of “furloughed” workers wage costs up to £2.5K pm. Employers need to designate affected employees as ‘furloughed workers’ and submit information to HMRC through a new online portal. Self Employment Support A self-employed individual or a member of a partnership with trading profits up to £50k with more than half their income coming from self-employment A taxable grant worth 80% of trading profits up to a maximum of £2,500 - for at least 3 months. The grant can be claimed while still continuing to trade HMRC will contact those eligible for the scheme and invite them to apply online. Here are FAQs Statutory Sick Pay relief Employers with < 250 employees Up to 2 weeks’ SSP per eligible employee Repayment mechanism for employers as to be set up as soon as possible
Grants & Rates Relief Scheme Eligibility Details How to access it Business Rates holiday All retail, hospitality, leisure, pubs and nurseries in England 12-month holiday This is an automatic. It will apply to the next business rates bill in April 2020 Retail/Hospitality/Leisure Grant Fund All retail, hospitality and leisure businesses in England with rateable value < £15K Grant funding of £10,000 Here is more Guidance. The local authority will write to the business if they are eligible for this grant. Any enquiries should be directed to the relevant local authority. Retail/Hospitality/Leisure Grant Fund All retail, hospitality and leisure businesses in England with property with a rateable value between £15K and £51K. Grant funding of £25,000 Here is more Guidance. The local authority will write to the business if they are eligible for this grant. Any enquiries should be directed to the relevant local authority. Small business Grant Fund All Businesses in England occupying property and already receiving SB Rates Relief, Rural Rates Relief, and/or Tapered relief Grant funding of £10,000 Here is more Guidance. The local authority will write to the business if they are eligible for this grant. Any enquiries should be directed to the relevant local authority.
Lending Scheme Eligibility Details How to access it CV Business Interruption Loan Scheme (CBIL) UK businesses with turnover < £45M Up to £5 million, 12 months interest free. 80% of loan is Government backed To apply, you should talk to your bank or one of the 40 accredited finance providers. See British Business Bank for details Coronavirus Large Business Interruption Loan Scheme UK businesses with an annual turnover of between £45m and £50m Up to £25 million, 80% of loan backed by Government, commercial rates of interest apply Application process still being defined, more information expected by the end of April. Corporate Financing Facility All UK businesses The Bank of England will buy short term debt from larger companies More information on how to access the scheme will be available shortly from the Bank of England.
Tax Deferrals Scheme Eligibility Details How to access it Deferring VAT All Businesses for VAT VAT deferral from 20 Mar 2020 until 30 June 2020 Automatic - no applications required Deferring Income Tax Self-employed Self-Assessment payments due on the 31 July 2020 deferred until 31 Jan 2021. Automatic - no applications required HMRC Time To Pay Scheme Self Employed & Businesses with outstanding tax liabilities Support with their tax settlement agreed on a case-by-case basis and tailored to individual circumstances and liabilities. Call HMRC’s dedicated helpline: 0800 0159 559
Other Scheme Eligibility Details How to access it Company Filing All UK businesses Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19. Apply to Companies House for an extension
For all business support events, including webinars and 1:1s, visit our events page.
Below we have listed a number of useful links and information about business support, grants, loans and corporate finance facilities;Bounce Back Loan scheme£2-50K interest free for 12 months for businesses that have suffered under COVID, were trading healthily at the end of 2019 and have not taken up a CBIL loan. 100% Government backed with low interest rate after the initial period. Companies can transfer an existing CBIL loan to this Bounce Back loan.Scheme launches on 4th May.
Private loan availability information;
NatWest are making £5 billion available.
Connecting the Community
Whilst we're less physically connected during this difficult time, we want to make sure you stay up to date and connected with the wider community.
MSP and Circle Square At Home - share your insights, advice and experience
Email Olly Storr to get involved - firstname.lastname@example.org
Bionow - here to help and support life science businesses
As well as regular virtual coffee chats and webinars, our partners at Bionow continue to support the biomedical and life sciences sector across the North. Take a look at Bionow's regular events here.
It’s more important than ever to take regular breaks and stretch your legs when you can. If you're a regular at the Bright Building studio gym, you might already know Swann Fitness Instructor, Paulina Samitowska. Paulina has created a simple home HiiT workout video for you to try, with minimal equipment needed. Give it a go here!
Taking a mental break
The Headspace app is offering a free series of sessions titled Weathering The Storm. It includes meditations, sleep, and movement exercises to help you out, however you’re feeling. Find out more here: https://www.headspace.com/covid-19
Other Useful Updates
IT Advice for Home Working
MSP customer, Lucid Networks, is offering tips and advice to businesses to equip their teams for working from home: https://www.lucidnetworks.co.uk/covid-19
How MedTech and Life Sciences businesses can help
If you are a company or an innovator with a potential COVID-19 related solution, please contact the relevant national agency direct. Contact information is provided via this link: https://www.ahsnnetwork.com/how-is-the-ahsn-network-supporting-the-response-to-covid-19
If you have any other solutions (not specifically COVID-19 related) that could be useful to the health and care system during this unprecedented time, you can access AHSN advice and support by visiting www.ahsninnovationexchange.co.uk.
NHSX has announced a call for all innovators who can support the elderly, vulnerable and self-isolating during COVID-19 to apply for government funding of up to £25,000 to test their solution. You can read more about the TechForce19 challenge here: https://techforce19.uk/
Page updated: 16th April 2020