Rochdale BID want to keep you updated with the latest news, information and advice during the coronavirus (COVID-19) pandemic. Please check our website daily for more updates for businesses and website individuals.
Coronavirus Large Business Interruption Loan Scheme
The Chancellor has announced that the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now include SMEs.
The chancellor said that under the revised plan:
- Lenders would be banned from requesting personal guarantees – which mean borrowers often have to put their homes on the line – on loans under £250,000.
- The loan scheme would be extended so that it covered all small companies affected by Covid-19 and not just those unable to get commercial funding.
- There would be a new scheme to bolster support for larger firms not currently eligible for loans, under which the government would provide a guarantee of 80% so that banks could make loans of up to £25m to firms with an annual turnover of between £45m and £500m
For further information, please visit;
https://www.businesssupport.gov.uk/coronavirus-business-interruption-loan-scheme/
Business Cash Grant - reminder
Don’t forget that the registration form for the cash grants for businesses is now open.
The government announced cash grants for businesses to support them through the coronavirus pandemic.
- £10,000 grants for the smallest businesses eligible for Small Business Rates Relief
- £25,000 grants for the small retail, hospitality and leisure sector businesses (with a rateable value less than £51,000)
Rochdale Council has posted letters to businesses who they think are eligible; letters should be received by Friday, 3 April 2020.
It is vital that businesses submit the grant form to Rochdale Council so that they can release the grants to help support businesses during these challenging times.
The information required on the form is to help ensure the grants go to eligible businesses to prevent fraud. Your Business Rates Account Number, Company Number and VAT registration number are required, so ensure you have them ready to hand.
The grant claim form can be downloaded here:
The Council aims to respond to grant submission within 5 working days.
If you haven’t received a letter from the Council, and you consider you are eligible, please get in touch with me.
Useful Links
UK Government – Coronavirus: latest information and advice
UK Government - COVID-19: guidance for employers and businesses
UK Government – Coronavirus business support
National Health Service - Coronavirus (COVID-19)
Acas – Coronavirus advice for employers and employees
World Health Organization – Getting your workplace ready for COVID-19
If you have any queries regarding the support which his currently being offered, please don’t hesitate to contact me on 07811 278517.
Paul Ambrose
BID Manager
07 Apr 2020