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corona Coronavirus - Support for Business
We will publish here any useful information we hear about regarding help for small businesses including hints and tips from those who have accessed that help.

31 March 2020
Small Business Grant application now available online:

https://www.teignbridge.gov.uk/business/business-support-and-advice/business-help-and-support-during-coronavirus/apply-for-business-support-grant/

28th March 2020
Local Authority Grant for Small Businesses
Note that the Local Authority no longer proposes to post applications to business premises “as there will be no one there to receive them” so instead they’re going to publish the application on their website. They hope to do so by end March.
See: https://www.teignbridge.gov.uk/business/business-support-and-advice/business-help-and-support-during-coronavirus/business-grants/

27th March 2020
Help for Self-employed
This scheme, which provides a grant worth 80% of profits up to a cap of £2,500 per month is targeted at sole traders and partners of trading partnerships with earnings averaging less than £50,000 over the previous three years.

The bailout will be administered by HM Revenue & Customs who will contact eligible individuals and aim to make the payments, of up to £7,500, in June.

It appears that owners of limited companies who pay themselves a salary and dividend are not covered by the scheme.  They may, however, be covered for their salary by the Coronavirus Job Retention Scheme if they are operating a PAYE scheme.

HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June. 

To be eligible for the scheme you must  meet all the criteria below:

• Be self-employed or a member of partnership;

• Have lost trading/partnership trading profits due to COVID-19;

• File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this announcement to do so;

• Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021

• Have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:

• Your trading profits and total income in 2018/19

• Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.

Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will then pay the grant directly to eligible claimants’ bank account. Grants are expected to start to be paid out by beginning of June 2020. For eligible individuals who have not submitted their returns for 2018-19, they will have 4 weeks’ notice from the date of the announcement to file their returns and therefore become eligible for this scheme.

25th March 2020
Job Retention Scheme

As well publicised, the government is providing a Job Retention Scheme, reimbursing 80% of the wages of staff who are retained on the pay-roll but who would have been made redundant but for this scheme.
There is a cap of £2500 per month for each employee.
Follow this link for further information:
https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/

25th March 2020
Coronavirus Business Interruption Loan Scheme

In addition to the small business grant scheme previously referred to there is a government backed loan scheme accessible by small businesses.
The operation of this loan scheme is well set out at:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/
A notable feature of the scheme is the government’s commitment to pay the first year’s interest and fees.
We hear favourable reports of banks administering this scheme albeit with long waiting times on telephone applications.

24th March 2020
VAT payments

The next quarter of VAT payments will be deferred, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period.
The deferral applies automatically and businesses do not need to apply for it. VAT refunds and reclaims will be paid by the government as normal.

23rd March 2020
Teignbridge District Council
The previous entry advised that the £10,000 small business grant will be administered by local authorities.  
This is the link to the Teignbridge web page. Note that all businesses which qualify for rate relief will be contacted by the local authority about the grants .
https://www.teignbridge.gov.uk/coronavirus-covid-19/coronavirus-help-and-advice/coronavirus-updates/business-support/

Note in particular: Business Grants
The budget announced small business grant funding for all businesses in receipt of Small Business Rate Relief (SBRR) and Rural Rates Relief. The grants are up to £10,000 for those in receipt of Small Business Rate Relief (SBRR) & Rural Rate Relief.
The current proposal is that all properties that were in receipt of Small Business rates relief or rural rates relief on 11 March 2020, including those on tapered relief (RV between £12,001 and £15,000) will be eligible for a grant payment of £10,000.
In recent days it has been announced that up to £25,000 grant funding will be available for businesses in the retail, leisure and hospitality sectors if their rateable value is greater than £15,000 and less than £51,000.
Please note that properties which are occupied for personal use, e.g private stables, beach huts, moorings etc will not qualify for these grants.

When will these grants be available?
We recognise that businesses want to know how quickly they can receive these grants.
As soon as we receive guidance from the Government we will contact eligible businesses as soon as possible.

21st March 2020
We will publish here any useful information we hear about regarding help for small
businesses including hints and tips from those who have accessed that help.

This is a link to the Government site about help for businesses:
https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-employees-employers-and-businesses

Note in particular:
There will be a £10,000 cash grant to our smallest businesses, delivered by local authorities.
Small businesses that pay little or no business rates and are eligible for small business rate relief (SBBR)
or rural rate relief will be contacted by their local authority - they do not need to apply.
The funding will be provided to local authorities in early April. Guidance for local authorities on the
scheme will be provided shortly.

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