Welcome to the Harborough Business Update. During the COVID-19 disruption, we aim to provide weekly updates as things develop quickly. Find more information on the Council Website here.
Coronavirus Business Interruption Loan Scheme
The Chancellor has announced that the British Business Bank will manage the Coronavirus Business Interruption Loan Scheme (CBILS) which is available this week. It aims to support the continued provision of finance to UK businesses experiencing increased costs or disruptions to cashflow during the Covid-19 outbreak.
The scheme provides the lender with a government-backed guarantee against the outstanding facility balance, potentially enabling a 'no' credit decision from a lender to become a 'yes'. The Government will cover the first twelve months of interest payments and any facility arrangement fees charged by lenders, so businesses will benefit from no upfront costs and lower initial repayments. The maximum value of a facility provided under the scheme will be £5m. Note that the borrower always remains 100% liable for the debt. To find out more about the CBILS and to share information with the various SMEs you work with, follow the link below.
FIND OUT MORE
Coronavirus Job Retention Scheme
Under the 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. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as 'furloughed workers'. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant. The Coronavirus Job Retention Scheme will cover the cost of wages backdated to March 1st and is initially open for 3 months, but will be extended if necessary.
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Dates for the Diary
Next Business Update
Wednesday 1st April 2020
Are you a manufacturing business? You can support the healthcare frontline
The Chief Medical and Scientific Officers have advised government that businesses need to be encouraged to supply and manufacture ventilators in order to support the resources needed in our hospitals.
This opportunity is open to the public, therefore if you are a manufacturing business or are aware of a business that can be of help, you can find out more via the link below.
Alternatively you can contact via email: ventilator.support@beis.gov.uk or via telephone: 0300 456 3565.
HMRC have opened a dedicated helpline for businesses and the self-employed to answer queries or concerns regarding tax payments and finding solutions including:
agreeing an instalment arrangement
suspending debt collection proceedings
cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately