Business Support during COVID-19

Over the last couple of days, the UK Government has announced the following measures to support the business community:

 

In the 2020 Budget, measures included:

 

  • SMEs can ask for time to pay tax bills.

  • retail, leisure and hospitality businesses with a rateable value (RV) of less than £51,000 will pay no business rates in 2020/21 if they apply.

  • pubs with a RV of less than £100,000 receive a £5,000 reduction on business rates if they apply.

  • new small business grants are available.

  • a new Coronavirus Business Interruption Scheme may guarantee some business loans up to 80%

  • Sick pay can be claimed from Day 1.

 

Further measures to support businesses and employees announced by the Chancellor (20th March 2020).  These will be explained in more detail in the factsheet below.  The announcements are as follows:

  • Bars, pubs, clubs, restaurants, nightclubs, gyms, theatres and cinemas to close as of 20th March, although takeout services can continue.

  • New Corona Virus Job Retention Scheme

  • The Corona Virus Business Interruption Loan Scheme. Further announcements will be made for medium and large enterprises as soon as they are known.

  • Deferment of next quarter’s VAT payments, with businesses having until the end of the financial year to pay this back.

  • For employees, the standard allowance for Universal Credit and Working Tax Credits will be increased by £1,000 for the next 12 months.

  • Self Assessment payments have been deferred until January 2021.

  • In addition to the 3 month mortgage holiday previously announced, there will be an increase to Local Housing Allowance as a support for renters.

​​Birmingham City Council Business Rates

Birmingham City Council has confirmed that revised Business Rates bills for 2020/2021 will be issued as soon as possible. Birmingham City Council will also be attempting to stop Direct Debit payments for Business Rates due on 1 April where a discount will now be applied. If, however, your account is debited, please contact your bank to arrange for a repayment to be made to you by Birmingham City Council.

Birmingham City Council is putting together a business case to unlock additional local funding to support businesses. They have asked businesses to complete a short survey by Tuesday 24 March to help them build a body of evidence that supports them to do this. You can access the survey here.

17th March 2020

- Chancellor announced further measures including:

 

  • a business support package of £330bn.

  • small businesses in the retail, hospitality and leisure sectors (less than RV of £51,000) can apply for interruption insurance cover of up to £25,000.

  • a potential support package for airlines, airports, and others.

  • a 3-month ‘mortgage holiday’ for borrowers, as required.

  • the pre-announced business rates exemption is matched by government backed loans with interest free periods.

  • all retail, hospitality and leisure operators will not pay business rates for the year 2020/21.

  • small hospitality, retail and leisure operators may be eligible for cash grants of up to £25,000.

 

Birmingham City Council is currently actively seeking clarification and the BID Team will advise Northfield Businesses as soon as possible.

 

Further information regarding the above can be found here. To receive up to date news about the business support available, follow us on www.facebook.com/NorthfieldBID  

Latest information from Birmingham City Council Business Rates regarding business support during the present pandemic can be found here

 

Marcia Greenwood

m.greenwood@northfieldbid.com

07921 818 828

Tony Adams

tony.adams@northfieldbid.com

07809 904925

Matt Stone

security@northfieldbid.com

07597 376428