Financial Support due to Covid-19
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures to support businesses which are highlighted below. Where possible, links to further information and updates on expected timescales have been provided.
1. Business rates support and grants
A summary of the support available is shown below. Bolton Council's Business Rates team will be in touch with eligible businesses regarding Grant Funding when details are confirmed by the Government (expected by end of 31 March 2020).
- A 12-month 100% business rates relief for all retail, hospitality and leisure businesses in England. Bolton Council has begun applying the business rates relief for eligible businesses for the 2020/21 financial year and will complete this by 31 March 2020.
- 100% business rates relief in 2020/21 for providers on Ofsted's Early Years Register where the premises are used wholly or mainly for the provision of the Early Years Foundation Stage i.e. nurseries. Bolton Council has begun applying the business rates relief for eligible businesses for the 2020/21 financial year and will complete this by 31 March 2020.
- Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief. Eligible businesses will be contacted by Bolton Council shortly. The details, together with the information businesses need to provide to claim the grant, will also be published on the Business Bolton website (expected by end of 31 March 2020).
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000. Eligible businesses will be contacted by Bolton Council shortly. The details, together with the information businesses need to provide to claim the grant, will also be published on the Business Bolton website (expected by end of 31 March 2020).
- For businesses liable for business rates that can’t access the grants announced Bolton Council will allow, upon request, a delay in the first instalment due date to 1 July 2020, spreading the remaining instalments over the rest of the year. Businesses can contact us again in June 2020 if the 1 July payment will be an issue. To request this, please contact email@example.com.
2. Other support announced by the Government
The government has also announced a wide range of other support for businesses affected by Covid-19. Please click on the links below for more information and details on how to apply.
- A Statutory Sick Pay relief package for SMEs.
- The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank.
- A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- Businesses and self-employed people in financial distress may be eligible to receive support with their tax affairs through the HMRC Time To Pay Scheme.
- Support for businesses through deferring VAT and Income Tax payments.
- Essential commercial tenants are protected from eviction by landlords if they miss a payment in the next 3 months.
- Support for self-employed through the Self-employment Income Support Scheme
3. Coronavirus Job Retention Scheme
All UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.
- Guidance for Employers
Employers will be able to use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. We expect the scheme to be up and running by the end of April.
- Guidance for Employees
The guidance published today will support workers understand whether they are eligible for the scheme, and how much the employer can claim if they are unable to operate or if there is no work due to coronavirus (COVID 19).
4. Sources of Further information
The following links may also be helpful reference tools for your business
Coronavirus at your business 10 steps to take now - Business Growth Hub have prepared the attached guidance for businesses - www.businessgrowthhub.com/coronavirus
Consortium of local Business Recovery Specialists - Bolton based Business Recovery and Insolvency Practice, Ideal Corporate Solutions, have formed a consortium of local Recovery Specialists to provide regulated advice to businesses experiencing financial difficulties due to the Covid19 Pandemic. Initial consultation will be free and offered to all business types.
Association of British Insurers has a useful Q&A website - www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/
For advice for employers and employees: Visit www.acas.org.uk/coronavirus
The information that the Council is providing is to the best of our knowledge. Please ensure you visit www.gov.uk for further information.
Please monitor this page for updates and be assured that the Council is committed to implementing these measures as a matter of urgency.
Please keep Business Bolton abreast on how Covid-19 is impacting on your business, the earlier we are engaged on any issues, the more likely we will be able to help.
The Council’s response to Covid 19 may mean that there is limited availability of staff to respond to phone enquiries. To contact us, please email firstname.lastname@example.org.