Key points of the Government's “Bounce Back Scheme”:
- Loan 100% guarenteed by the Government
- Businesses can apply for 25% of turnover up to a maximum of £50,000
- Government will pay interest for first twelve months
- Simple form with loans arriving within 24 hours of approval
- Available from 9am NEXT Monday
Having wrangled (and continuing to!) with a few big banks I think we can all agree that this is a lifeline for small businesses.
You can click on the link for more details, and as usual I will forward any information I get from my end.
Feedback regarding Furlough, scheme extended to end of June
For those who are worried – I have been told on a few occasions that the Government’s furlough scheme has been an easy and straightforward process.
Some who have applied on last Monday have now received their furlough payments. Most surprisingly the website did not crash on launch day – a technological miracle indeed!
If you haven't done so do apply here. Note that the scheme has been extended to end of June to provide more certainty as we work on the right timing to ease lockdown.
Coronavirus Tests referal for employees
If your employer is on the list of "essential workers" and are showing sympthoms you can now refer them for a Coronavirus test.
Do have a look at the link here. Note that this tests only lets you know if you currently have the virus, not if you have had the virus!
Other government support:
- Self-Employed Income Support Scheme: You should receive a letter in Mid-May & payment in June so stay peeled to your mailbox.
- Find everything you are eligible for with this new business support finder.
- ‘Future Fund’ announced giving loans to innovative companies, struggling with Covid-19, that can attract third-party funding. To launch in May 2020.
- Guidance and application for Coronavirus Large Business Interruption Loan Scheme here. Changes made in recent days clarified here.
- Office for National Statistics set to release info on how many workers have been furloughed here on April 23rd.
Other key updates for industry:
- CONSTRUCTION: Version 3 of SOPs released by Construction Leadership Council.
- BUS AND LORRY DRIVERS: Removed D4 medical to ease license renewal. Can apply for 1-year license if it is expiring. Renew here. Also extension of relaxation on drivers’ hours rules till May 31st. Expiring MOTs extended.
- BANK WORKERS: Letter from Treasury to workers
- RETAIL: Info for consumers on how to stay safe when shopping.
- COMMUNITY ORGS: New guidance.
- FISHERIES RESPONSE FUND- Announced by DEFRA and Treasury. Eligible vessel owners will be contacted directly in stages by the Marine Management Organisation.
- NURSERIES: Clarification on EY Funding/CJRS in letter at bottom of update. Furlough can be used to ‘cover up the proportion of their pay bill which could be considered to have been paid for from their private income’. Also updated financial support webpage online.
- DVLA: Driving Tests suspended for three months and theory tests suspended till 8th May except for critical workers. May have impact for employees.
- CHARITIES: Advice on event refunds.
Help and Advice from Humber Business Growth Hub
- Webinars available to book which cover government support and business planning.
- Humber Growth Hub has produced a great document showing what support is available now, in near future, and at an unknown time.
- The Humber Local Enterprise Partnership have added ‘Jobs Fuse’ service which will promote vacancies to the benefit of employers and the newly unemployed.
- Humber Local Resilience Forum have created webpages for businesses who can request for support in local area, so if you want to help the effort or need help sign on