A few measures have been announced to-date to help small business that are struggling. If you have been directly affected by COVID-19 there are quite a few options around getting financial support, find out more on my post directly affect by COVID-19
Tax: A special help line has been set up, 0800 0159 559
A few measures where mentioned in the budget but there is limited information about these right now. There business support announcement on the government website
- British Business Bank will be running the Coronvirus Business Interruption Loan Scheme CIBILS. This is currently being worked out, but they would appear to be keeping their website up-to date.
- A £3,000 cash grant will be available to 700,000 of our smallest businesses, this will be paid by local authorities but as yet there is not information about how to apply.
- There is mention of a hardship fund but no details as yet. Possible details will appear here on the hardship fund page.
- Business rate relief depending on the rateable value of your propery or if you business is suffering financial hardship. Apply to your local council.
Things to think about
Managing your ougoings
You might want to think very long and hard about whether to continue to pay for business premises. If you don’t have orders coming in or it looks like clients are not booking it might not be wise to continue to pay out.
Getting financial support
there are options out there, act sooner rather than later
A great variety of individuals who are self employed or working on 0 hours contracts or short term contracts may well be affected by COVID-19. Below is a list of organisations that might be helpful