Latest information on various government measures
Sidcup Partners are trying to collate all the latest info on the various government measures (which were updated yesterday afternoon) – to have latest information available on the Council and the Bexley 4 Business websites.
In response to the enquiry below if the business is registered to receive Small Business Rates Relief (SBRR) then the Government is now offering a grant of £10,000 per business. This is supposed to be paid by the Local Authority to the eligible businesses – but unfortunately there is no further details on how the initiative will work at the moment. Eligible businesses will be identified and written to by the Council – probably during April – so there is no application process at the moment. The main thing is for them to check they are registered as SBRR (need to have a RV lower than £15k and occupy one premises) – if not the form to register is here: https://mybexley.bexley.gov.uk/service/Small_business_rate_relief
If they are a bigger business (up to £51k RV) and in retail, leisure and hospitality sectors they will get a business rates holiday for 2020/21 – so nothing to pay on NNDR – and may also be eligible for a grant of £25k. As with the SBRR grant unfortunately the details of how the grant will be awarded and paid are still to be announced.
The finance support for small businesses is through a government backed guarantee to help lenders feel more comfortable about lending to small businesses currently experiencing cash flow problems. Best place for them to look for guidance is The British Business Bank https://www.british-business-bank.co.uk/ourpartners/supporting-business-loans-enterprise-finance-guarantee/ where they can read about the Coronavirus Business Interruption Loan Scheme’ (CBILS).
In the first instance though its suggested businesses make contact with their usual bank / lender to see what arrangements they can offer. There was something in the Chancellors announcement last night about lenders offering 3 months mortgage payment holiday so that might help.
Information correct as of 18/03/2020