During these uncertain times increasing numbers of SMEs are under pressure to find support. Monpellier has gathered some of the top sources of help and advice at this time.
Information regarding financial SME support is changing rapidly. Here are the current schemes and options available as of 1st April 2020.
Deferring VAT Payments – The UK Government has offered to support businesses by deferring Valued Added Tax (VAT) payments for 3 months. If you are a UK VAT registered company and have a VAT payment due between 20th March 2020 and 30th June 2020 this offer applies to you. For more information click HERE
Self-assessment payments – If you are due to make a payment by 31st July 2020 but are financially affected by the corona-virus you have the option to hold off payment until January 2021. Please note if you can pay by the 31st July you should do so. Eligibility can be found HERE
Self-employment Income Support Scheme – Also referred to as SEISS, has been designed to support self-employed individuals who have suffered income loss due to COVID-19. The scheme allows the self-employed to claim a taxable grant worth up to 80% of your trading profits up to a maximum of £2,500 per month. For further information and to apply click HERE
Sick pay support – SME with fewer than 250 employees will soon be able to reclaim Statutory Sick Pay for sickness absence due to COVID-19. The reimbursement will cover up to 2 weeks’ SSP and is currently being finalised. To keep up-to-date with the latest information regarding this rebate click HERE
Business rate holiday (retail, hospitality & leisure) – If you are eligible this scheme will automatically be applied to you. However, local authorities may have to reissue your bill to provide this support. For more details and to estimate your business rates click HERE
Cash grants (SMEs) – The small business Covid-19 grant has been increased from £3,000 to £10,000 as of April 2020. This is part of a £330bn package of support for businesses, equivalent to 15 percent of GDP. Further information can be found HERE
Cash grants (retail, hospitality & leisure) – This grant is for businesses in the stated sectors and offers a grant of up to £25,0000 per property. For eligibility and how to apply click HERE
Interruption loan scheme – This temporary scheme supports SMEs by giving access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The government will also make a Business Interruption Payment to cover the first 12 months of interest payments as well as other beneficial support. Full terms can he found HERE
Commercial eviction ban – Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. This is not a rental holiday. All commercial tenants will still be liable for the rent. Further information can be found HERE
We suggest reaching out to all of the below before you apply to double-check they are still taking applications.
NBSL – Business grants for North East based businesses. Visit the NBSL website.
North East Growth Hub – A useful resource containing business support information, advice and organisations that are providing funding, loans and financial help. Visit the North East Growth Hub website.
Made Smarter – Support for Manufacturing businesses (North West) who are interested in digital development. Visit the Made Smarter website.
For help relating to remote working including Microsoft Teams, SharePoint and keeping your team working efficiently while at home, Monpellier are here to help. Call us on 0191 500 8150 or drop us an email, [email protected].