News article

Coronavirus (COVID-19) Update 23/03/2020

To Business Owners and the Self Employed

We are sure that you have been worrying about the effects on your business and personal lives as a result of the corona virus outbreak. 

Moving forward if you follow us on Facebook or Twitter, we will be able to put useful advice as it comes available to these platforms on a more timely basis.

Facebook https://www.facebook.com/MatthewsHanton/?ref=page_internal

Twitter @MatthewsHanton

With that in mind please see below some practical support information which you may need in the forthcoming months.

Although the advice below will still be your decision they may help with your thought processes. We would suggest you consider the following:

  1. Cut costs during this time in order to try and make your cost base lower and thus the financial pressure you will have lower, this may include cutting staffing cost if possible and you deem it appropriate.
  2. Speak to those you pay rent to, in order to see if this can be reduced (as relevant),
  3. Claim the 2 weeks SSP at some point for yourselves as directors once you can gain the relevant evidence so that this can be repaid & thus help your finances,
  4. Look into mortgage holidays to ease personal finances, &
  5. Consider loans (if relevant) to bridge finance gaps as necessary.

Please keep in mind the following is the information we have to date so this may change & it is important to keep abreast of changes and measures brought in by the government and follow advice.

Business Grants and Rates Relief

For retail, hospitality and leisure businesses

£25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000 (Once the scheme is up and running, your local authority will contact you, rather than you having to apply). Funding will not be available until April & you have to be currently eligible for SBRR (small business rates relief) or rural rates relief.

Pubs and Restaurants can provide takeaways without a planning application.

All retail, leisure and hospitality companies will be exempt from business rates for a whole year.

Enquiries on the eligibility of the reliefs will be directed to the local authority. Guidance for authorities on the business rates holiday to be published 20th March.

For other businesses

Grants to small businesses eligible for Small Business Rate Relief of £10,000 one-off coronavirus grant (Once the scheme is up and running, your local authority will contact you, rather than you having to apply). Funding will not be available until April & you have to be currently eligible for SBRR (small business rates relief) or rural rates relief.

Enquiries on the eligibility of the reliefs will be directed to the local authority. Guidance for authorities on the business rates holiday to be published 20th March.

 

Business loans that are government backed

It would be best to look at what your current bankers are offering and if necessary other banks too but as we can not advise on financial services but would be happy to help if you require any support with this process.

Employment and Support Allowance (ESA) / Universal Credit

This benefit is paid to you in the case of you being ill and all of the details on this and how to claim can be found on the government website link below;

https://www.gov.uk/employment-support-allowance

 

Mortgage Holiday

Mortgage lenders saying they will support customers who are struggling with their finances as a result of Covid-19, including through payment holidays of up to 3 months. Meaning, they will not have to pay a penny for in the interim.

There is also help coming for people renting but we do not have the full information at present.

 

Useful Links

ACAS have more https://www.acas.org.uk/coronavirus and can help with specific queries by phone

https://www.gov.uk/…/chancellor-announces-additional-suppor…

https://www.citizensadvice.org.uk/…/redunda…/redundancy-pay/

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses