Chancellor announces overhaul to £30 billion Coronavirus Business Loans and other updates
We have detailed a summary of updates announced this week, including on the Chancellor’s announcement today of further action he has taken in relation to the Coronavirus Business Interruption Loan Scheme (CBILS). We have included other updates this week on previously announced government support packages, as well news earlier this week about an initiative in the hospitality sector which could be useful to some of our members at this time.
Our contact details for business support and advice to our members is below. We will continue to keep you updated.
This week’s round-up
Chancellor announces first step in an overhaul of Coronavirus Business Interruption Loan Scheme (CBILS)
What: The Chancellor has today announced that the government will stop lenders from requesting personal guarantees for loans under £250,000.
It was confirmed that the Loan Scheme would be extended to all viable small businesses affected by Covid-19, and not just those unable to secure regular commercial financing, should they need financial support to keep operating during this difficult time.
It has been confirmed that since the CBILS was launched just seven days ago, more than £90 million of loans to nearly 1,000 small and medium sized businesses have been approved.
Additionally the Loan Scheme would be made available to those businesses with an annual turnover of £45 million to £100 million, offering loans of up to £25 million.
BUSINESS SUPPORT ANNOUNCEMENTS AND UPDATED GUIDANCE
Pensions and National Insurance for Furloughed Staff
What: Pension and national insurance payments for furloughed staff will now be covered under the government’s temporary Coronavirus Job Retention Scheme – the government will pay minimum pension employer contributions worth 3% based on the furloughed salary, which will be capped at £2,500 a month.
UPDATE: Coronavirus Job Retention Scheme: Furlough Leave
What: According to the Financial Times nearly half of all UK companies are planning to furlough staff over the coming weeks. It was announced this week that though leave can be back dated to 1 March the portal that the furlough status is registered will not be up and running until the end of April.
To Find Out More: Visit the scheme’s website to find out how your business will be able to apply here.
Annual Leave Waiver for Key Industries
What: The government confirmed this week that key worker will be allowed up to four weeks of unused holiday which can be carried into the next two leave years. Key industries include supermarkets, pharmacy’s and essential food stores, NHS workers and health care professionals as well as key public services.
KINGSTON COUNCIL UPDATES
Beware of Online Scams
What: Kingston Council are warning business of the surge in online coronavirus financial scams linked to business support packages. One example is ‘Get My Grant’ who are charging businesses £99 in order to facilitate their claims. We urge businesses to always refer to official government, local authority or industry channels that offer email, telephone and online consultancy services to support you.
Kingston Stronger Together Network
What: An initiative launched by Kingston Council in partnership with Kingston Voluntary Action and Volunteering Kingston. With an aim to support the volunteering effort across Kingston borough delivering effective support to those who need it most.
To Find out More and to sign up: visit the Kingston Council Coronavirus web page here.
INDUSTRY ORGANISATIONS’ SUPPORT
CaRe20 – Caring for Retail during Covid-19: £10 Million Appeal
What: Retail Trust and the British Retail Consortium have joined forces to raise £10 million to support retail staff with financial, vocational, emotional and physical support for those who are not eligible for government during the crisis.
To Find out More: For more information on how your teams can be a part of this visit the Retail Trust’s website.
British Independent Retailers Association (BIRA) Advice Hub
What: A dedicated hub which is updated daily for retailers large and small assist members throughout this on-going crisis. Providing practical advice on how to access emergency government support as well latest legislation around ‘relaxed trading.
To Find Out More: Visit the BIRA website for information.
Support for the Hospitality Industry
What: A new Hospitality Redeployment Hub has been launched listing 26,000 jobs related to the UK’s Coronavirus crisis response to help an estimated 500,000 displaced hospitality workers find short term jobs. The hub features jobs from a range of sectors including customer service, logistics and cleaning.
To Find out More: The hub is being run by Cater.com, UK Hospitality and charity Hospitality action click here to find out more.
FOR MORE SUPPORT AND NEWS
For further support and information visit ‘Kingston First: Kingston First: Covid-19 Business Advisory Service’ or speak to our team, please contact us 9am to 5.30pm, Monday to Friday, by:
• Phone: 0208 547 1221
• Email: firstname.lastname@example.org
Or follow us on LinkedIn for the latest updates