Posted on March 26, 2020
Comments Off on Business Support during COVID19 – Resources
Dear Traders and Friends,
The Latin Elephant team is sending a message of solidarity in these challenging times!
We understand that with the Covid-19 crisis many traders have been forced to close business last minute, without having time to implement contingency measures. We want to offer our virtual support and tell you that we are here to give you a hand!
Below we have compiled vital information for the sustainability of your business: grants, job retention, tax relief, etc. Please keep in mind that this information is constantly changing so we recommend checking the information source via the attached links on a regular basis and that you seek legal advice. The information is also relevant to employers regarding the job responsibilities that you may have to fulfill towards your employees.
COVID-19 | RESOURCES FOR BUSINESSES
- Grants for small businesses
If your business is in the retail, hospitality or leisure sector, you may also be entitled to a cash grant. If you have a property with a rateable value of less than £15,000 then you will be entitled to a grant of £10,000. If your rateable value is between £14,999 and £51,000 then you will be entitled to a grant of £25,000.
The council is already making grants where we have the business’s bank account details. If you believe you are eligible for a grant, follow this link: https://forms.southwark.gov.uk/ShowForm.asp?fm_fid=1964
- Business Hardship Fund
A Fund aimed at LTD Company directors and SMEs who don’t qualify for the Grants, either because they don’t pay Business Rates or don’t benefit from Business Rates relief. Ideal for: sole market traders, kiosks, stall-holders.
You can access a cash sum of £2,500, £5,000 or £10,000 depending on the size of their company.
Apply via this link: https://forms.southwark.gov.uk/ShowForm.asp?fm_fid=1978
- Business Rate Relief
All retail, leisure and hospitality businesses will benefit from a 100% relief on all business rates for the 2020 to 2021 tax year. This will be applied automatically by the council. More info: https://www.southwark.gov.uk/business/business-support-and-advice/covid-19-support-and-information-for-businesses-and-employers
- Job Retention Scheme for Employers to keep jobs:
The government will provide grants to employers to pay 80% of wages for employees not working, up to £2,500 a month. Payments will be backdated to 1 March 2020 and will be initially open for 3 months, to be extended if necessary.
Details are being finalised. Contact HMRC: 0300 200 3200 for more information.
- VAT deferred until the end of the tax year:
VAT payments due between 20th March until 30th June/2020 will be deferred until the end of the tax year. This automatically applies for businesses and self-employed.
- Restaurants to operate a hot food takeaway:
The government will shortly legislate to bring forward a temporary Permitted Development Right to allow for change of use from A3 (Restaurant) and A4 (Pub) to A5 (Hot Food Takeaway).
The intention is that once the legislation has come into force a pub or restaurant will be able to notify their Local Authority that they are now operating as a takeaway without any prior approval.
- Coronavirus Business Interruption Loan Scheme:
Designed to support primarily small and medium-sized businesses to access bank lending and overdrafts. Businesses can access the first 12 months interest-free. Please contact your bank for further information.
- Statutory sick pay relief package
SMEs will be able to reclaim 2 weeks Statutory Sick Pay for sickness absence per employee who are either ill or been told to self-isolate because of COVID-19. Guidance on self-isolation can be found here: www.nhs.uk/conditions/coronavirus-covid-19.
Employers should maintain records of staff absences, but employees will not need to provide a GP fit note. The eligible period for the scheme began on 13th March.
- Time to Pay service:
All businesses and self-employed in financial distress and in tax arrears can call HMRC’s dedicated helpline: 0800 0159 559 for support with tax affairs and. More information: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19.
If you require further assistance, please contact us: firstname.lastname@example.org / email@example.com, firstname.lastname@example.org
Covid-19 Support for businesses
Southwark – Support and information for businesses and employers https://www.southwark.gov.uk/business/business-support-and-advice/covid- 19-support-and-information-for-businesses-and-employers
Covid-19 Small Business Government Grant
Coronavirus Business Interruption Loan
Self Employment & Universal Credit
Employment & Support Allowance