Brief update on Coronavirus support
Business support grants
- Many local businesses are eligible for a non-repayable grant of £10,000 or £25,000. Speaking to chamber members we know some people don’t realise they are eligible for this, and Torbay council have not yet started chasing the hundreds of businesses who have not yet applied. If you’re not sure, please ask us, we would be happy to help.
- The council set themselves a deadline of April 25th to get all the applications paid. Since then we have contacted them on behalf of 18 Brixham businesses who have not yet received their money, and all of these have either now been sorted, or have been given clear next steps to prove their eligibility for the money. If you are still waiting and would like our help with this, please contact firstname.lastname@example.org.
- The government’s job retention scheme went live last week and money has already been received by businesses from HMRC. Working out exactly how much to claim is the most complicated part. Your accountant can probably help if you haven’t already done this but again please feel free to ask us if you are unsure.
Small business loans
- ·The current provision of Coronavirus loans (CBILs) has not worked. As a result the government has announced a new system of loans of up to £50,000 for small businesses. There will be no fees or interest for the first year.
- The loan system will be available from next Monday morning, and money will arrive within 24 hours of making your application. Official webpage here https://www.gov.uk/…/apply-for-a-coronavirus-bounce-back-loan
Self employed support
- We know a lot of local businesses will be relying on the self employed support scheme. We expect details to start to come out soon for this and will communicate them when we have heard about them.
If there is anything you’d like to discuss with us, about Coronavirus support or otherwise, please feel free to contact us at the Chamber (whether you are a member or not), we will do our best to help.