There is support available to help local businesses deal with the coronavirus crisis. Some details for how to apply are still to be announced so I will continue to seek clarification and update this page with specific details as soon as they are available.
The government’s response is a start but they need to do better than loans and there are still big gaps. I know many businesses continue to worry about how they will survive. If you have any concerns you would like me to raise in Parliament please email me at email@example.com.
Existing support for businesses:
- The Coronavirus Business Interruption Loan Scheme will see the government guarantee 80% of a loan up to £5m with no interest due for 6 month. Further information is due to be available from 23rd March. For more details please see the British Business Bank and application advice.
- 100% business rate relief this year for retail, hospitality and leisure businesses.
- If you are eligible for Small Business Rate Relief you should be able to access a £10,000 cash grant to help with ongoing costs. I understand this will be administered by local authorities and will be received automatically, so there is no need to apply.
- There is a £25,000 cash grant for smaller retail, hospitality and leisure businesses. Information about how this can be accessed is still to be confirmed by the government but I am seeking clarification.
- For businesses with fewer than 250 employees, 14 days of sick pay per employee will be refunded by the government in full.
- For those who are ineligible for Statutory Sick Pay, such as the self-employed, there will be help to access benefits more quickly if they have to self-isolate.
- HMRC has launched a new telephone helpline to discuss how you can restructure tax payments due to coronavirus. You can contact them on 0800 0159 559 and there is an additional business support helpline on 0300 456 3565.
- The Government will also be providing income support to the self-employed, providing a direct cash grant of 80% of their profits, up to £2,500 per month. You can claim a grant for self-employment
For the most up-to-date information please see the relevant government advice:
- Self-employment and Universal Credit
- Employment and Support Allowance
- Coronavirus: What You Need To Do
Businesses based in London can contact the London Growth Hub for help.
Lambeth Council will be updating their guidance for how they are administering business support here.