Navigating you through the maze of Covid-19 resources
The economic impact of the coronavirus outbreak is undoubtedly causing major disruption amongst Milton Keynes organisations, both large and small, and the ripple effects will inevitably last for many months.
Significant Government backed measures will hopefully go a long way to offering all businesses a bit more financial security however, with so much information circulating, it can be difficult to know what the best course of action is for your organisation.
As set out by MKBLP Chair, Nicholas Mann, in our letter to all MKBLP members, remaining connected as a group and supporting each other throughout this crisis is paramount. To this end, we have gathered as much of the relevant information available, to help you cut through the ‘noise’.
- Firstly, MKBLP member, PwC, has kindly offered support to all members by providing access to its client site – the Suite https://thesuite.pwc.com/. By simply registering for free, the platform provides regular updates and communication to assist businesses. PwC have also produced a clear guide, summarising the loans available, as well as the HMRC support, which they are sharing with all MKBLP members.
- Last week the CBI launched a new coronavirus hub open to ALL businesses in response to the outbreak. This platform features daily webinars, providing the latest insights and analysis to help businesses through the crisis.
- SEMLEP are also lending support through its Growth Hub Business Support team which is offering a free service to all organisations seeking further clarification on the available financial support through the crisis. Contact details for SEMLEP are:
- Phone: 0300 01234 35 | 01604 212696
- Email: firstname.lastname@example.org
Over recent weeks the Government has introduced a series of interventional measures, providing financial support for all businesses and self-employed people. Here, for your benefit, we have listed these schemes, incorporating the relevant links:
- Coronavirus Job Retention Scheme -This is a temporary scheme open to all UK organisations for at least three months starting from 1 March 2020 and is designed to support employers whose operations have been affected by Coronavirus. Under the scheme the Government will pay 80% of furloughed employees’ (employees on a leave of absence) usual 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. For further information on this scheme see here.
- Coronavirus Business Interruption Loan Scheme – A scheme which offers loans of up to £5 million for SMEs through the British Business Bank. These should be available to access now.
- The Retail and Hospitality Grant Scheme – A cash grant is being made available for businesses in the retail, leisure and hospitality sectors of up to £10,000 for small businesses, or up to £25,000 for larger premises. The local authority will contact you if you are eligible for this grant.
- Nursery Businesses – For those nursery businesses who pay business rates, the Government is offering a Business Rate holiday for the 2020 and 2021 tax year.
- Businesses who pay little or no business rates – The Government will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs. The local council will help access this fund.
- Self-employed Income Support Scheme - This scheme will enable self-employed people to claim a taxable grant worth 80% of trading profits, up to a maximum of £2,500 per month, for the next 3 months. This may also be extended if required.
- Deferring VAT and income tax payments – This scheme enables UK VAT registered business the option to defer VAT payments for 3 months.