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5 steps for business owners to take today


Tuesday 24th March

5 steps for business owners to take today

If your business is dealing with the unprecedented challenges of Coronavirus, there is a range of government support and advice to help you through. Here are 5 key steps you can take today:


1. Get help with your finances

For small and medium sized businesses, the new Coronavirus Business Interruption Loan Scheme is now available for applications. For more information and how to apply, visit https://www.businesssupport.gov.uk/coronavirus-business-support/

You can also speak to your bank or lender to discuss options.

The Bank of England’s new lending facility for larger firms is also open for applications. Find out more here: https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility.


2. See what you're entitled to

The government is also making cash grants and additional funding available to certain sectors and smaller businesses.

Find out more about the schemes available, whether you’re eligible and how to apply here https://www.businesssupport.gov.uk/coronavirus-business-support/.


3. Support your staff

Through the Coronavirus Job Retention Scheme, the Government will pay salaries (at 80% of current pay up to £2,500 a month) for workers who are no longer working and would otherwise be made redundant.

For businesses with fewer than 250 employees, the cost of providing 2 weeks of COVID-19 related statutory sick pay per employee will be refunded by the Government in full. Find out more here https://www.businesssupport.gov.uk/coronavirus-business-support/.

You will also find messaging in this toolkit that can be used in your internal staff communications: https://industrialstrategy.frontify.com/r/Hxe6a1Tj7kY14MnjRfAZxbBOWFnJT1ee2lMjD4BJPJE


4. Check guidance on tax

If you are concerned about paying your tax you can talk to HMRC about managing payments. We have already postponed upcoming VAT payments through to June, cancelled business rates for many sectors and delayed July’s self-assessment tax payments until January 2021.

To find out more visit https://www.businesssupport.gov.uk/coronavirus-business-support/.


5. Follow the latest advice

Our website will be updated regularly as more information becomes available. The Prime Minister’s daily press conference, live streamed on the @10DowningStreet Twitter feed, will also provide the latest updates on health advice, support for businesses and employees, as well as a range of other issues.


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