Businesses in Babergh and Mid Suffolk are being urged to find out what financial support is available to them as well as seeking advice and guidance in the wake of the COVID-19 crisis.
In response to the coronavirus pandemic, the government has announced a package of measures to help small and large businesses as well as the self-employed who have been impacted by COVID-19.
The full range of financial packages and support measures can be found on the government’s business support website which includes FAQs and links to wider business support. There are also specialist funding opportunities available for organisations and individuals including from the Arts Council and Sport England.
Coronavirus Financial Support
Both large and small businesses and the self-employed can access a range of support measures to help them through these unprecedented times caused by COVID-19. These schemes include:
• Coronavirus Business Interruption Loan Scheme
• Coronavirus Job Retention Scheme
• Self-employment Income Support Scheme (SEISS)
• Business Rate Holiday for Retail, Hospitality and Leisure
• Cash Grant for Retail, Hospitality and Leisure
• Small Business Grant Funding
• Statutory Sick Pay Rebate
• Support for Businesses Paying Tax
• COVID-19 Corporate Financing Facility
• Business Rates Holiday for Nurseries
• VAT Deferral
• Deferral of Self-Assessment Payment
More information about who is eligible, how to apply and when the support schemes are open for applications is available at: www.businesssupport.gov.uk/coronavirus-business-support.
Business Advice and FAQs
The government has created a series of FAQs for businesses impacted by COVID-19. These are broken down into three main areas:
• General Business Issues
• Business Closures and Stay at Home Guidance
• Self-employment Income Support Scheme (SEISS)
There is also information on how to access support including:
• Business Support Helpline
• HMRC Helpline
• Find a Job service
• New Technology Challenge – funding available
• Directory of Business Representative Organisations
In Babergh and Mid Suffolk, there is help and guidance available from trained advisers at the New Anglia Growth Hub: www.newangliagrowthhub.co.uk.
More information about the range of business support available can be found on the Coronavirus Business Advice website: www.businesssupport.gov.uk/coronavirus-business-advice
For businesses looking for opportunities to innovate within their business, the government has outlined the support and grants available to help businesses grow, strengthen leadership and talent and adopt new technologies. Find out more on the Wider Business Support website: www.businesssupport.gov.uk/wider-business-support-from-government.
Small Business Grant Funding
This week many small business owners will be receiving letters from Babergh and Mid Suffolk District Councils about how to access the COVID-19 Business Grant Fund.
This is a cash grant of either £10,000 or £25,000 for businesses who are eligible for Small Business Rate Relief as well as businesses in the retail, hospitality and leisure sectors.
Eligible businesses will be asked to submit their details through an online form for the grant to be processed. More information can be found on our COVID-19 Business Grant Fund webpage: www.midsuffolk.gov.uk/business/business-rates/grant-funding-schemes.
Arts Council: Emergency Response Package
The Arts Council is making £160m of funding available for both organisations and individuals during the coronavirus crisis. This is available to organisations who already receive Arts Council funding as well as those who are outside the regular funding streams. Freelancers and individuals can also apply for financial support. More information is available on the Arts Council website: www.artscouncil.org.uk/covid19
Sport England: COVID-19 funding
To help Sport England’s partners, clubs and community organisations cope with the short and long-term impact of the pandemic, an emergency fund of £195m has been made available to help organisations get through the crisis as well as for the recovery of sport and physical activity in the longer term. More information is available on the Sport England website: www.sportengland.org/news/195-million-package-help-sport-and-physical-activity-through-coronavirus.
Cllr Michael Holt, Babergh District Council’s Cabinet Member for Economic Growth said: “These are incredibly difficult times for many businesses, and we urge large and small business owners as well as the self-employed to investigate and apply for the financial support available to them in order to see them through this challenging time caused by the coronavirus pandemic.”
Cllr Gerard Brewster, Mid Suffolk Council’s Deputy Leader and Cabinet Member for Economic Growth said: “There is a host of support and guidance available for all businesses and I would ask businesses to seek advice either from general business specialists such as the New Anglia Growth Hub, but also their own professional bodies who may have specific advice for these unprecedented times.”