With a team of experienced business advisors who work closely with both public and private sector support organisations, E-Factor will continue to provide advice and guidance through the challenging times ahead. The situation for local SME businesses is constantly evolving and as an impartial and independent service we will continue to deliver free support and help you manage this new dynamic.
Please be assured that we will continue to do as much as we can and keep you informed of any help that becomes available for businesses in our local region. If you need to discuss your concerns over how this situation is affecting your business please give E-Factor Business or The Business Hive team a call, we are here to do what we can to support all local business.
Your best information resource from the Government providing regularly updated guidance for businesses can be found at: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
Humber Growth Hub
Please also see the regularly updated Covid-19 Business Support page on the Humber Growth Hub website: www.humbergrowthhub.org/covid-19/
Business Lincolnshire Growth Hub
Latest news for businesses on COVID-19 at https://www.businesslincolnshire.com/
Grants and Financial Assistance
We will continue to add new information on finance support relating to the Coronavirus crisis here:
Coronavirus Job Retention Scheme
Grants of 80% of ‘wages ‘up to a maximum of £2,500 a month will be paid to staff who have been ‘Furloughed’ and given leave of absence whilst the business temporarily stops operating. Members of staff must not work for the employer during the period of furlough.
Speak to your accountant on how to set this scheme up through your PAYE system. Details on how to claim at https://bit.ly/2RNWdrw
Self Employed Income Support Scheme
The government will pay self-employed people who have been adversely affected by the coronavirus a taxable grant worth 80% of their average monthly profits over the last 3 years, up to a maximum of £2,500 per month.
The scheme is only open to those with trading profits up to £50,000 who make a majority of their income from self-employment. Only those in self-employment with a tax return for 2018-19 FY can apply.
HMRC are urgently working on setting up the grant scheme. It is expected to be operational no later than the beginning of June 2020.
This is an automatic offer – the self-employed do not need to apply. HMRC will contact the self-employed that they believe are eligible for this grant and make a payment direct to the person bank account. Details at https://bit.ly/3ewDJVU
(Anyone who missed the 2018-19 tax return filing deadline on 31 January 2020 has four weeks from 26 March 2020 to submit in order to benefit from this scheme.)
For the self-employed facing financial difficulty for their personal income, possible finance is available through Universal Credit https://www.understandinguniversalcredit.gov.uk/coronavirus/
VAT & Tax
For difficulties paying your tax bill on time – https://www.gov.uk/difficulties-paying-hmrc
Coronavirus Business Interruption Loan Scheme
Access loan funding under the new Coronavirus Business Interruption Loan Scheme at https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
Grants for businesses who receive small business rate relief & Grants for Retail, Hospitality and Leisure
Local Authority Business Rates Grants – These grants will not need to be paid back.
Grants of £10,000 for all businesses in receipt of Small Business Rate Relief or Rural Rate relief.
Grants of up to £25,000 for businesses in the retail, hospitality and leisure sectors with rateable values between £15,000 and £51,000.
Applications are to be made through the relevant local authority and require information from your latest Council Business Rates Bill to complete.
Working from Home ICT Grant Scheme to support the purchase of laptops, software and security arrangements for employees working from home
Grants to cover 40% of the cost of essential hardware and software required to enable homeworking of staff,
Business Growth Grant
Supporting access to Contingency Planning & Crisis Management Advice and Consultancy – contact: email@example.com
Grants to cover 40% of the cost of working with a specialist/advisor/consultant to help mitigate the business operations impact of the Covid-19 pandemic on your business,
Finance for Growth Grant
Supporting access to Financial Advice & Consultancy – contact: firstname.lastname@example.org
The Prince’s Trust and NatWest Enterprise Relief Fund Grants
The £5million Enterprise Relief Fund will offer grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business.