The Government has published a useful list of a range of sources of businesses support from non-Government sources
A number of business-related rules have been relaxed to help businesses during the Coronoavirus pandemic. View the list of the rules that have been temporarily relaxed to make it easier for businesses to continue working through the disruption caused by coronavirus (COVID-19) see relaxation of business rules.
Coronavirus Job Retention Scheme now up and running
Grant funding – local authority payments to small and medium businesses
Launch of bounce back loans for small businesses up to £50k
Information about the top-uo to local business grant funds scheme
New measures to protect UK High Street from agressive rent collection
Announcement of the postponement of the business rates revaluation planned in 2021
Changes to Loan Schemes – The Coronavirus Business Interruption Loan Scheme (CBILS) has been amended to make it easier for additional smaller businesses to access the funding they need. Key changes are:
Previously, many smaller businesses met the requirements for a non-CBILS commercial loan with less favourable terms, and so would not have been eligible for CBILS. Access to the scheme has now been opened up to include these smaller businesses too.
Lenders can no longer ask borrowers to put a personal guarantee (such as savings, their house or other assets) for the CBILS, lenders can only apply this to loans above £250,000 or to their own (non-CBILS) commercial loans.The minimum amount you can borrow will differ between lenders, the lowest of the four major banks is RBS starting at £5,000. Interest rates will vary by lender so make sure you shop around, the Government will pay the first 12 months of interest payments and any lender-levied charges. Further details are available through the British Business Bank. Businesses are advised to get in contact with a lender directly if they wish to apply, preferably online.
Heart of the South West Local Enterprise Partnership – latest update
Can your business help with the response to Coronavirus? The support needed includes things like:
- medical testing equipment
- medical equipment design
- protective equipment for healthcare workers, such as masks, gowns and sanitiser
- hotel rooms
- transport and logistics, for moving goods or people
- manufacturing equipment
- warehouse or office space, for medical use or storage
- expertise or support on IT, manufacturing, construction, project management, procurement or engineering
- social care or childcare
Expansion of the Government’s loan scheme for large businesses