Gov.uk - Coronavirus financial support for your business

The Gov.UK website has launched an online form to help you to identify your eligibility to COVID business cash grants, loans and tax reliefs.

Government funding via local authorities

The Retail and Hospitality Grant Scheme: A £25,000 grant to retail, hospitality and leisure businesses with rateable values between £15,000 and £51,000.

Small Business Grant Scheme: A £10,000 grant for occupied business premises in receipt of small business rates relief and rural relief. 

An update from the Bury Council Team which is managing the Business Support Grant from Government: The team are working hard to get grants out to eligible Bury businesses. However, eligibility checks are slowing down the process, as often the team do not hold the most up to date details for the businesses that have applied. From next week, resources will be used to contact businesses to check the information held against that business.

Bury Council has also announced Bury Council - Rent relief for business tenants that pay rent to Bury Council

• Commercial tenants of Bury Council will automatically receive 100% rent relieve, where the annual business rent is below £6,000.
  • Businesses which do not meet this threshold, but can demonstrate a significant or critical need for support, may be eligible for either 50% or 100% rent relief.

Financial support for businesses

The UK Government has announced a number of financial support packages to help businesses during the coronavirus pandemic.

• VAT and Income Tax payments will be automatically deferred and no application is required. VAT will be deferred for 3 months and self-employed income tax will be deferred until January 2021.
• British Business Bank - Coronavirus Business Interruption Loan Scheme, worth up to £5 million and interest free for 12 months.
• British Business Bank - Bounce Back Loan scheme provides financial support to businesses, being financially impacted by the coronavirus outbreak, that can benefit from £50,000 or less in finance.
• Gov.uk - Claim for wage costs through the Coronavirus Job Retention Scheme. This support package will reimburse 80% of furloughed workers wages, up to £2,500 per month.
• SME businesses will be able to reclaim Statutory Sick Pay (SSP) for sickness absences linked to COVID-19. A rebate scheme will be developed when this legislation has passed. More information will follow. Note: Employees, with the COVID-19 illness, will be able to claim Gov.uk - Statutory sick pay (SSP) from day 1 of their sickness. 
• Self-employment: HMRC will contact those who are self-employed and deemed eligible for the Gov.uk - Coronavirus: Self-employment Income Support Scheme, which is a taxable grant worth 80% of an individuals trading profits (up to a maximum of £2,500 a month). Eligibility criteria applies.

Business rate discount

• Nurseries will not have to pay business rates in 2020/21. To qualify for this relief your business will be:
  • An Ofsted's Early Years Register
  • Wholly or mainly used for the provision of the Early Years Foundation Stage            - 
• Expanded retail, hospitality and leisure discount: If you received a retail discount in 2019/20, you will not have to pay business rates in 2020/21. The discount has been expanded to include both businesses:
  • In the hospitality and leisure sectors.
  • In the retail, leisure and hospitality sectors with a rateable value over £51,000.

Note: You do not need to apply for the business rate discount. For more information, visit the Bury Council - Coronavirus (COVID-19) - business grants

Advice for businesses - #HereForBusiness

 A video introducing the #HereForBusiness campaign, provided by Richard Jeffery, Director of Business Growth at the GC Business Growth Hub: YouTube: A video introducing the #HereForBusiness campaign.

The GC Business Growth Hub continues to offer business support and advice, alongside their useful resources, to help businesses combat the impact of COVID-19. This support package, branded #HereForBusiness, includes: 

• The publication of useful guides, like the Business Growth Hub - '10 steps to take now', helping businesses to prepare and act quickly as the situation unfolds.
• Providing access to dedicated business advisors - call 0161 359 3050.
• Access to a number of free seminars, helping businesses to prepare for the potential economic impact of COVID-19.

The workshops, which are accessible via the Business Growth Hub - Coronavirus business support webinars, include:

• Duty of Care to employees
• Cash flow and supply chain challenges
• How to work and operate virtually
• Legal and insurance implication
• Tourism and hospitality sector

The Greater Manchester Chamber of Commerce is offering all businesses, who aren't currently members, free access to the GM Business Community

By joining, you will get:  

• An update, three times a week, with the most up to date information on support from the government and support from fellow members.
• Access to the digital MyGMCR platform, a mobile app where you can connect with and direct message fellow business users.
• Access any digital events hosted by the Chamber.
• Access online training and free workforce development activities.
• A complimentary token to access a local networking event, free of charge, when things are back to normal.  

For more information and to join, complete this Greater Manchester Chamber of Commerce - Free access to the GM Business Community.