The Humber’s business organisations and local authorities are all working hard to ensure the region’s businesses are supported through this difficult time.
The region’s economic resilience group (including HullBID) met recently to gather business intelligence and discuss the hurdles businesses are facing during this undoubtedly challenging time.
Support for those affected by the coronavirus pandemic is now beginning to filter through, with both local measures and Government measures either currently accessible or soon to be available for businesses in our area.
Chancellor Rishi Sunak announced recently the extra help for the self-employed, including 80% of a self-employed person's income, averaged over the last three years, to be paid in June.
Please visit the government’s dedicated business support website here for more details:
https://www.businesssupport.gov.uk/coronavirus-business-support/
Please see the information below for further details
Support available now:
Coronavirus Business Interruption Loan Scheme: Loans and overdrafts of between £1,000 and £5million available to SMEs that have a sound borrowing proposal, but insufficient security to meet a lender’s normal requirements. The first 12 months of the credit facility will be interest free. Visit: www.britishbusinessbank.co.uk/ourpartners/suppor ting-business-loans-enterprisefinance-guarantee/efgaccredited-lenders/
Further support:
COVID-19 Corporate Financing Facility Loan:
www.bankofengland.co.uk/news/2020/march/the-covidcorporate-financing-facility
HMRC Time to Pay service: www.gov.uk/difficulties-payinghmrc
Benefits for the self-employed: https://www.businesssupport.gov.uk/self-employment-income-support-scheme/
Insurance Payments: Speak to your insurance provider.
Commercial Banking Finance and Other Measures: Businesses should speak to their bank in the first instance to discuss any financial requirement that they might have.
Income Tax Deferment: For the self-employed, income tax payments due by 31 July 2020 under the Self-Assessment system will be deferred to January 2021.
VAT bill deferment: All VAT-registered businesses can defer their VAT payments for the period 20 March 2020 to 30 June 2020.
Growth Hub support available now:
ICT for Growth Grant: Grants to cover 40% of the cost of essential hardware and software require to enable homeworking of staff, of proposals totalling £2,500 to £24,999. Email: business.investment@hullcc.gov.uk
Further support:
Business Growth Grant: Email: business.investment@hullcc.gov.uk
Finance for Growth Grant: Email: business.investment@hullcc.gov.uk
Support from Growth Hub Advisors: Email: growth.hub@humberlep.org
Business Support Webinars: A full line up of webinars will be available shortly. Please see Grow My SME website for details: https://www.growmysme.co.uk/events/
Support available soon:
Business Rates Cash Grants: Either: Cash grant of up to £25K for all retail, hospitality and leisure business in commercial premises with a rateable value between £15,001 and £51,000. Or: £10k cash grant for all businesses of any sector, in commercial premises that are eligible for small business rate relief (SBRR) or rural rate relief (with rateable value below £15k)
Get in touch with your local authority –
Further schemes to be implemented (awaiting further details):
Coronavirus Job Retention Scheme Grant
Emergency Funding Package - Grants for Arts Organisation
100% Business Rates Holiday
Useful links:
Government general business advice: https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19
Federation of Small Businesses: https://www.fsb.org.uk/campaign/covid19.html
CBI: https://www.cbi.org.uk/articles/supporting-businesses-impacted-by-the-coronavirus/
NHS: https://www.nhs.uk/conditions/coronavirus-covid-19/
Humber Business Growth Hub: https://www.humbergrowthhub.org/covid-19/
Humber LEP: https://www.humberlep.org/coronavirus/
