COVID-19 Business Update 04/05/2020

Latest updates: 

Update 04/05/2020

 

Bounce back Loan launched today 

Last week I wrote of the Government's "Bounce Back Loan" for small businesses - more details have been released and you can apply via the link below: 

Click here to read more and apply for a Bounce Back Loan

 

Please note that you cannot apply if you are already using the Coronavirus Business Interruption Scheme. However, if you loaned under £50,000 from the CBILS, you can arrange for this loan to be transferred to the Bounce Back Loan Scheme through your lender.

 

Local Councils to get increased scope for business grants - more info to come

 

The Business Secretary has outlined which businesses may receive priority:

  • Businesses in shared spaces
  • Regular market traders
  • Small charity properties that receive Small Business Rates Relief
  • B&Bs that pay Council Tax, not business rates.

North Lincs Council can also give this money to other businesses based on ‘local economic need’. I have spoken to NLC today and understand that they are still awaiting further guidance from the Government - so please bear with. 

This is good news following my letter to the Chancellor last week asking for him to addres the 4 issues that affects businesses in Scunthorpe. 2 of the issues have been dealt with, 2 more to go! 
 

HMRC to start contacting the self-employed

HMRC will begin contacting those eligible for the Income Support Scheme from today. Read more on the timescale for the next few weeks here. And use this online tool to check eligibility - you’ll need Self Assessment Unique Taxpayer Reference and National Insurance Number.

 

Other key updates for industry - and some useful info for employees:

Important clarification: Coronavirus (COVID-19): business support grant funding - guidance for businesses

Testing: APPLY FOR COVID-19 TEST IF YOU CANNOT WORK FROM HOME AND HAVE SYMPTOMS. Please let your employees know about this service.

Driving tests: Apply for an emergency DRIVING or THEORY test if you are a key worker

REDUCED HOURS: The government has today confirmed that those working reduced hours due to coronavirus will not have tax credit payments affected. 

LIFETIME ISA: Withdrawal charge for those who access their ISA funds early will be scrapped temporarily to help people access money. 

PPE: No VAT on PPE for three months as of 1st May. Includes any bought by care homes, businesses, charities and individuals.

CARE HOMES: New Standard Operating Procedures on medicine re-use schemes.