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Home COVID19: Support for Businesses Latest Updates

COVID19: Support for Businesses Latest Updates

Information signpost for the business community

Supporting the local economy is a top priority for council and we are committed to working with our economic partners to develop and deliver a coordinated approach to providing businesses with support in these unprecedented times. If you are a business in our borough you may find the following information helpful.

For the most up to date information, please visit www.nibusinessinfo.co.uk

Our Economic Development Advisory Service is now working remotely, please contact us to request a call back.

Support available

Further details

25% business rates reduction

  • All business ratepayers will automatically receive a three-month rates holiday, meaning no charges for April, May and June 2020. This does not have to be repaid.
  • More information: www.nibusinessinfo.co.uk/node/23006

Coronavirus Business Support Grant Scheme

  • A grant of £10,000 for all small businesses who are eligible for the Small Business Rate Relief Scheme on their premises (i.e. all businesses with a Net Annual Value [NAV] up to £15,000). This will be paid automatically to eligible businesses with a NAV of £15,000 or less. If you do not receive payment automatically over the coming days contact www.nibusinessinfo.co.uk
  • Open to all sectors in NI (who pay rates).
  • If you are eligible this grants does not need to be repaid.

Coronavirus Business Support Grant Scheme

  • A £25,000 grant to retail, hospitality tourism and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000.
  • Information on the £25,000 grant is still to be received.
  • More information: www.nibusinessinfo.co.uk

Coronavirus Business Interruption Scheme

  • Interest free for 12 months
  • The government has confirmed that it 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.
  • Available to UK-based businesses with annual turnover of up to £45m per year.
  • All 40+ accredited lenders will be ready to provide CBILS today.
  • There will be an expedited process for overdrafts – no fees or interest 12 months. 6/7 lenders will be available to provide this from today.
  • Eligibility criteria widened – aim to not turn down otherwise viable businesses which have been hit by the Coronavirus.
  • They are moving away from EU State aid de minimis. ‘Membership’ organisations can now use CBILS, some other sectors restrictions have also been dropped. Awaiting more detail.
  • No guarantee fee for SMEs to access the scheme.
  • At the discretion of the lender, the scheme may be used for unsecured lending for facilities of £250,000 and under.
  • Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years.

Small Business Rate Relief (Land and Property Services LPS)

  • Eligibility based on the Net Annual Value (NAV) of your business property.
  • No application procedure, relief will be applied automatically to your business rates bill by LPS if you qualify. This will ensure that if you are eligible you will receive the benefit of the rate relief immediately.
  • If you think you should be awarded the relief please contact LPS on 0300 200 7801 (charged at local rate).
  • More information: www.nibusinessinfo.co.uk/content/small-business-rate-relief

Job Retention Scheme

  • All UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.
  • Grants will cover 80% of salaries for paid workers with salaries up to £2,500 per month backdated to 1 March 2020 and paid before 1st April.
  • Contact HMRC.

Support for self employed

Statutory Sick Pay Rebate (SMEs)

  • Cover up to 2 weeks Statutory Sick Pay per employee who has been off work due to Covid-19
  • Employers with less than 250 employees.
  • Employers should maintain records of staff absences.
  • Employees will not need to provide a Doctors fit note.

HMRC “Time to Pay” Support

  • For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore, agreeing an instalment arrangement, suspending debt collection proceedings, cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately.

Cash flow support through tax system 

  • Deferring quarterly VAT payment from now to end of June. Have to end of financial year to repay bills.
  • More information: www.nibusinessinfo.co.uk

Universal Credit Standard Allowance

Working Tax Credit

Self-Assessment Payments

Redundancy information

Homeowners

  • Increasing Housing Benefit and Universal Credit so local Housing Allowance will cover at least 30% of market rents.

Invest NI FAQS and business Support

Lloyd’s Banking Group – Social Entrepreneurs Programme

  • Support programme to help social entrepreneurs start and scale up social enterprise, community projects and impact-led organisations across the UK.
  • There are several strands of funding available; Start Up, Trade Up and Scale Up.
  • Start Up – projects in planning stages but ready to start, or less than two years old. The project must make between £0 and £15,000 per year.
  • Trade Up – projects that were established at least a year ago, and has at least one paid member of staff. It makes at least £15,000 a year.
  • Scale Up – projects that were established two or more years ago, and has two or more paid members of staff. It makes at least £75,000 a year.
  • More info: https://www.the-sse.org/our-courses/programmes/lbsep/

The Facebook Small Business Grants Programme

  • Facebook is offering approximately £84 million in cash grants and advertising credits on its ad platform for up to 30,000 eligible small businesses. The funding is intended to help firms in the following ways, covering operational costs, helping with rent costs, connecting with more customers and maintaining a strong workforce.More info: https://www.facebook.com/business/boost/grants

Facebook Business Hub

  • Previously a resource limited to Facebook employees and health experts, this will now be available for all businesses to access.
  • The company has also pledged to create new ‘virtual training’ to support businesses operating during the coronavirus outbreak.
    More info: https://www.facebook.com/business

Banks

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