Coronavirus Job Retention Scheme
As per our email yesterday, there is still some confusion regarding furloughed employees. Although we have had no definite answer the general consensus is that employers can reclaim the full 80% paid to employees.
Help for Self Employed
Downing Street have confirmed that measures to support self employed workers hit by the coronavirus outbreak will be announced on Thursday.
Small Business Grant Funding of £10,000
This grant will be provided to all small businesses who receive small business rate relief. You don’t need to apply for it, if you are eligible you will automatically get it.
Local Councils have began paying this to eligible businesses this week however there are 27,000 small businesses in the North and the Land and Property Services only have BACS details for 9500 of them. An online portal will be set up this week to enable the remaining eligible businesses to register their details and receive payment.
Companies House – You can apply for a 3 month extension to file accounts with Companies House, those citing issues around COVID-19 will be automatically and immediately granted an extension.
Ways to Protect your Cashflow
- Apply for a Coronavirus Business Interruption Loan or Overdraft which will be interest free for 12 months. Contact your bank to apply for this.
- Contact your loan and HP providers to ask for a repayment holiday.
- Apply for a 3 month mortgage holiday or speak to your landlord re reduced rents or a rent holiday.
- Review your expenditure and cut out any non-essential spending.
- Review insurance policies to see if you are covered for forced closures caused by pandemics.
You may not have any immediate cashflow concerns but cashflow could be worse than you project due to customers being in no rush to pay and the government funding could be slow to come through e.g. it is likely the 80% job retention grants may not be paid until the end of April. It would be advisable to use some of these measures to create extra cash. “It’s better to have it and not need it than to need it and not have it.”
Each weekday at 4pm we will have a daily update video meeting which you are welcome to join and this will give you the opportunity to ask questions to our team. This will be done via Zoom app which can be downloaded free of charge onto your mobile or computer. If you would be interested in this, please email one of our team or email@example.com and we will send you further details.