Covid-19 Be prepared to access Govt support packages
If you expect to experience financial hardship it's important to be prepared
26th March 2020
As the Government announces a raft of measures to support businesses, its important that you use this time to prepare your financial information and documents so that when the time comes you can make quick and successful applications for financial support.
Visit Staines BID has put together a summary of support available, which you can see below and we provide here some guidance and tips on what you can be doing now in readiness for any applications you might need to make.
Business Resilience and Survival
1. Business Interruption Loan Scheme and Grants
These applications will likely be made through your/a bank that has been authorised, although not all the details are known yet. The framework is based on the existing Enterprise Finance Guarantee (EFG) Scheme
- Ensure you're accounts are up to date
- Prepare cash flow forecasts for at least the next 12 months, which is likely to be needed
- Get in touch with your bank to find out if they are one of the loan scheme admoinistrators and any specific information they will need
- Contact your landlord and any major or likely creditors to open a dialogue and discuss options
2. Tax, business rates and other reliefs
HMRC has put in a number of measures to defer tax liabilities (see the summary below), but if you have any queries you can call their helpine where you will also find more information on all the reliefs and support available https://www.gov.uk/difficulties-paying-hmrc
3. Protection from eviction from commercial premises
4. Useful links and information
https://www.businesssupport.gov.uk/coronavirus-business-support/
Sign up for Business Team alerts from Havering Council https://www.havering.gov.uk/info/20050/council_publications/231/business_briefing_newsletter to receive regular details on grants
Personal hardship - you, your management team and staff
1. Help your staff to prepare a personal financial budget so they can plan ahead
2. Encourage them to speak to their mortgage provider or landlord sooner rather than later, if they thinkthey will be unable to pay bills
3. Check eligibility for benefits https://www.gov.uk/browse/benefits
Staying secure and safe
Advice from the Metrepolitan Police and London Fire Brigade