COVID-19 Business Support Hub

COVID-19 Business Support Hub

An essential resource for all small businesses during coronavirus disruption

COVID-19 Business Support Hub

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Welcome to the Buzzbar Coronavirus Business Hub — your one-stop resource to keep your business moving during the next few weeks and months while it’s business as unusual.

We want you to know you’re not alone. While we may not be able to see you in person,  we’re always available to share a virtual cup of tea and chat through your options. 

We’ll be constantly updating this page with new information and resources so bookmark it and share with your work and #letskeepbritainmoving. 

Need help with your strategy? Book your consultation with one of our Marketing Specialists.

LAST UPDATE:  4th May, 2020 @ 09:00

 

Business

1) Main resources

UK Government business support centre [LINK]

  1. Coronavirus Business Interruption Loan Scheme
  2. Coronavirus Job Retention Scheme
  3. Small Business Grant Funding
  4. Statutory Sick Pay Rebate
  5. Income Tax Deferral for the Self-Employed
  6. Business Rates Holiday for Retail, Hospitality and Leisure
  7. Cash Grant for Retail, Hospitality and Leisure
  8. Time to Pay
  9. Covid-19 Corporate Financing Facility (larger companies)
  10. Business Rates Holiday for Nurseries
  11. VAT Deferral

What funding is available? A4 guides for: England, Wales, Scotland, N. Ireland

2) Grants

There are options available to businesses of all sizes:

Self-employed
A grant is available calculated at 80% of business profits. The maximum grant is £2,500 per month. Grant available for 3 months (so maximum of £7,500). Grant to be paid in one lump sum in early June. HMRC will pay directly to your bank account. It is a grant – so NOT repayable

Calculation:
HMRC will calculate based on your submitted Tax Returns. If not filed 18/19 Tax Return, have 4 weeks to do so. HMRC will check eligibility automatically. If eligible, HMRC will invite your application. Do NOT contact HMRC – they will contact you. Annual profits before maximum grant reached is £37,500.

Eligibility:
Annual trading profits below £50,000. More than half your income from self-employment (relevant if have rentals, employment, investment income)

Trading profits must be below £50,000 in either: 18/19 tax year or average of 16/17, 17/18 and 18/19 tax year.

Small business
A number of different grants are available to businesses during this period, available to anyone paying business rates and receiving small business rate relief. Here’s everything you need to know:

1) £10,000 grant
- NOT repayable
- Guidance is available from 1st April
- Grants will be available from mid-April
- Local council will automatically contact eligible businesses

2) £25,000 grant
Available if you meet 3 conditions:
- PAY business rates
- In retail, hospitality or leisure industry
- Rateable value between £15,000 and £51,000
- Guidance available from 1st April
- Grants available from mid-April
- You will need to apply direct to your local council (once guidance is available)

BOUNCEBACK LOAN SCHEME

What is it? A loan. Minimum is £2,000, maximum is £50,000 or 25% of turnover, whichever is lower.  Loan term is interest free – first 12 months and capital free for first 12 months. The term time is six years and interest rate is 2.5%. Early repayment means not repayment charges. The scheme is 100% government backed. No security needed. 

How to apply? Directly through your Bank. Application is a 4 page form and accredited lenders can be found here

Criteria

- You CANNOT have another COVID based loan already

- You must have a business Bank Account

- If you are a sole trader and operate through a personal bank account, you need to speak to your Bank to see how you apply. 

You must prove commercially viable trading status in the past not the future. Sole traders, micro companies (meet two of the following: less that £632,000 turnover,  less than £316,000 on balance sheet or 10 or less employees). 

3) Employee guidance

If you’re an employee of any business, not just small businesses, you can find the latest government advice here

4) VAT

No payment of VAT between 20th March and 30th June.
As VAT is normally due one month and seven days after VAT quarter ends, then the following quarters apply under new rules:
- Quarter ended 29st February 2020
- Quarter ended 31st March 2020
- Quarter ended 30th April 2020
Any “deferred”/unpaid VAT MUST be paid by 5th April 2021.
Note: this is VAT payments due in the above time period.
Remember – VAT for quarter ended 31st May 2020 is due 7th July 2020, so NOT covered by new rule.

If you prepare MONTHLY VAT Returns then payments for the following periods do NOT need paying:

  • Month ended 29th February 2020
  • Month ended 31st March 2020
  • Month ended 30th April 2020

5) HR

Comprehensive advice for employers and employees — including social distancing, Statuory Sick Pay (SSP), and redundancies — can be found over at ACAS.

How can your business help fight the spread?

Fighting the virus is a challenge but if we all pitch in, it'll be a lot easier. Here are some simple things we can all do - big or not so big - to play a part in the solution:

- Help employees keep healthy - whether it's a fruit break or reminding people to drink water regularly and exercise, the best way to fight the virus is to have a great immune system and nutrition is an important part of that. 

- Help those less fortunate than yourself. Whether that's a food package, volunteering or simply saying hello from a distance, keeping everyone moving is a key part of fighting the virus. Perhaps it's offering IT services or even just calling. 

- Finally, sign up to help the NHS. No brainer, do what you can and help the front line workers do their jobs.

Make sure you update your social media and digital outposts too. Here are some things to remember:

- Update your hours on the page if opening hours have changed.

- Pin important posts to the top of the page, that way everyone will see it. 

- Host webinars and promote giftcards to help keep cash flowing

- Update your FAQ section with new questions and keep it updated. Doing so will save you time as you can direct people to that. 

- Utilise WhatsApp for your most vulnerable and most important customers. Help them buy from you fast. 

Facebook has specific guide for different industries too including Retail, Restaurants & Cafes, Spas and SalonsFitness & Recreation, Agencies and Media/Publishers. 


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