Guidance/Updates for Business

Local Services

We have pulled together a list of Boston premises/businesses offering services to those who require it through Covid-19.

Please visit https://www.mybostonuk.com/local-services

Business Lincolnshire Event Search

Find business events in Lincolnshire – https://www.businesslincolnshire.com/events 

 

Discretionary Grant Fund

Local Authority Discretionary Grants Fund

The Department for Business, Energy and Industrial Strategy has published guidance on applying for the coronavirus Local Authority Discretionary Grants Fund.

Small and micro businesses with fixed property costs that are not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund may be eligible for the Discretionary Grants Scheme.

For more information please view the Council’s web page:

https://www.mybostonuk.com/discretionary-grant-funding/

Small Business Grant and the Retail, Hospitality and Leisure Grant

The Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund are also available for eligible businesses. Eligibility for these grants are based on receipt of Business Rates relief and rateable values.

CLICK HERE TO APPLY FOR BUSINESS GRANT

To read the Business Support Grants FAQs – please CLICK HERE

 

Bounce Back Loan

The Government has published details of the Bounce Back Loan scheme to help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has been negatively affected by coronavirus
  • was not an ‘undertaking in difficulty’ on 31 December 2019

Who cannot apply:

  • The following businesses are not eligible to apply:
  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools
  • If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

Full details can be found at https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

Funding to support Community Business affected by the coronavirus (England)

In response to the coronavirus pandemic, Power to Change have launched a £12 million crisis support package to provide immediate and medium-term support for community businesses supporting the vulnerable and isolated in England. The emergency package includes £7 million in rescue funding, which offers grants of up to £25,000 to contribute to trading incomes losses incurred between April and June 2020. This will initially be available to current and previous Power to Change grantees, and to community businesses which are members of Co-operatives UK, Locality and Plunket Foundation. £5 million in recovery funding will be made available later in the year to help rebuilding and recovery. The support package will be open for applications from the 11th May 2020. https://www.powertochange.org.uk/get-support/covid-19/

Mental Health Support

Valuable resources to support your mental health during this difficult time.

https://www.businesslincolnshire.com/mental-health-support/ 

Could you help the government increase testing capacity

The Department of Health and Social Care has wants to hear specifically from companies who can manufacture and supply:

·        consumables and equipment for coronavirus testing, in particular test kits (such as nose and throat swabs, transport media and vials) and RNA extraction lab consumables (such as reagents, plates and pipette tips)

·        new or existing types of coronavirus tests for antigens or antibodies. These must meet the requirement set out by the Medicines and Healthcare products Regulatory Agency (MHRA). MHRA will publish the specification for the required antibody test shortly

They also want to hear from public or private sector organisations that can offer laboratory capacity.

More information on how to help: https://www.gov.uk/guidance/help-the-government-increase-coronavirus-covid-19-testing-capacity

Speak to a Local Business Advisor

To arrange to speak to a local business adviser call the local Covid-19 helpline 01522 782189 or email businesslincolnshire@lincolnshire.gov.uk  or visit the website https://www.businesslincolnshire.com/

New guidance for businesses and workers on the Coronavirus Job Retention Scheme

New guidance for businesses and workers on the Coronavirus Job Retention Scheme

The Government has today published guidance for businesses and workers on how to access the 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 1 March and is initially open for 3 months, but will be extended if necessary.

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.

Please use the following link to access the guidance:

www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

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).

Please use the following link to access the guidance:

www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme

 

HM Support Website Link

A full range of business support measures have been made available to UK businesses and employees – here is the link for more information – https://www.gov.uk/coronavirus/business-support 

Business Owners - help is at hand

👉 a Coronavirus Job Retention Scheme
👉 deferring VAT and Income Tax payments
👉 a Statutory Sick Pay relief package for SMEs
👉 a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
👉 small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
👉 grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
👉 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
👉 the HMRC Time To Pay Scheme

Call for employment support in light of COVID-19

Dear Colleagues

The government has set a clear programme of temporary and targeted financial support to help businesses thorough this period of disruption caused by COVID-19.

Boston Borough Council, along with our partners Department of Work and Pensions (DWP) and the Fresh Produce Network (FPN) would like to set up an emergency COVID-19 Rapid Response to Redundancy for our residents who find themselves in the very unfortunate position of facing redundancy either permanently or a short term break in employment during these unprecedented times.

To that end, we are putting a call out to local businesses who are in a position to offer full or temporary employment opportunities, short term or longer to give those affected an opportunity of employment in what we know as a very difficult and challenging time.

Please contact either myself, Pippa Rose or Stuart Roberts if you can support this call for employment support.

Clive Gibbon
Boston Borough Council | Municipal Buildings | West Street | Boston | Lincolnshire | PE21 8QR | www.mybostonuk.com | 01205 314429 | 07767 643712

Pippa Rose
Boston Borough Council | Municipal Buildings | West Street | Boston | Lincolnshire | PE21 8QR | www.mybostonuk.com | 01205 314228

Stuart Roberts
Boston Jobcentre Plus Municipal Buildings | West Street| Boston | Lincolnshire | PE21 8QR | 01205 441023| ext 3023| www.dwp.gov.uk

 Best wishes

Clive Gibbon
Economic Devevelopment Manager

Business Interruption Loan Scheme

The Chancellor has announced that the British Business Bank will manage the Coronavirus Business Interruption Loan Scheme (CBILS) which will become available week commencing the 23 March 2020.  It will be delivered through a range of over 40 accredited lenders and offer attractive terms for both businesses applying for new facilities and lenders, with the aim of supporting the continued provision of finance to UK businesses experiencing increased costs or disruptions to cashflow during the Covid-19 outbreak.

The CBILS 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’. 

In short, 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, please go to: www.british-business-bank.co.uk/CBILS

Any business interested in applying to CBILS should talk to their bank or finance provider (NOT the British Business Bank) as soon as possible and discuss their business plan with them. This will help the finance provider to act quickly once the Scheme has launched.

You will now know that in addition to the Coronavirus Business Interruption Loan Scheme the government has announced a series of other measures to help businesses. For more information on the full support to business, please visit the government’s Covid-19 business support website here.