Coronavirus Business Interruption Loan Scheme
approx 2 minute read
In this together
The situation with Coronavirus is changing rapidly. Although the majority of people infected have recovered, for individuals and families affected, this will be a distressing time. It is difficult to know what the impacts on the economy or business environment will be in the short or medium term. However, together we will get through this. Last edited Wednesday 18th March
Support for UK businesses
This week the chancellor announced a package of measures to provide support for UK businesses. Full details have yet to be released but here is a summary of some of the support that we believe is going to be made available.
Cash grant
For those of you who qualify for “Small Business Rates Relief”, it looks like a £10,000 cash grant might be available from your local council.
Business rates relief
For retail shops that don’t qualify for “Small Business Rates Relief”, but do have a rateable value below £51,000 a cash grant of up to £25,000 will be available. No further details on that, but sounds like that would be a refund equivalent to the rates you will have paid this year.
for ANY shop (or restaurant or bar), no business rates will be payable next year. (If you operate from warehouse or office space, this won’t apply to you). That’s a payment holiday, so no repayment required.
Statutory Sick Pay
For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full. What’s more, SSP can begin from day one of sick leave.
Business Interuption Loan
You may also be eligible for a Business Interruption Loan, provided by your bank and backed by the government. This will unlock up to £1 billion pounds to protect and support small businesses. Businesses will be able to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees.
You can find more Coronavirus guidance for employers and businesses from this dedicated page on gov.uk
Business as unusual
Our production hub remains open as usual. We’ve already replenished our stocks of fabric frames. We’ve also secured paper stocks and consumables to ensure continuity of supply.
We are following all advice issued by HM Government and Public Health England. We advise you to do the same and look out for each other.
No time to panic
Despite five years of those “Keep Calm and Carry On” posters, some nutters have been stockpiling toilet rolls, beans and pasta. There’s no need to panic. The Government plans to “flatten the curve”. By slowing down the rate of infection, our hospitals can cope. The following picture shows how this works.
Please stay healthy and look after each other,
The Nettl Family
