Banks are said to be increasing credit lines and overdrafts, and in some cases they may even offer repayment holidays no loans. I’d also contact ALL of your credit suppliers to ask about relaxing payments.
Read more about banks and loans in the Government blog “Chancellor strengthens support on offer for business as first government-backed loans reach firms in need.”
Update 20 March 2020
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures to support businesses including:
- a Statutory Sick Pay relief package for SMEs
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- help with rates in Scotland visit
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
Scottish Enterprise and partners have advised that from mid-morning on Thursday 14 May 2020 the Pivotal Enterprise Resilience Fund will reopen for new applications.
A pause had been in place since 5pm on Tuesday, 5 May to allow partners to review initial completed applications following an exceptionally high level of interest received from companies.
The additional £45million funding announced by the Scottish Government on Friday has been crucial to meet the demand there has been for this funding.
A spokesperson on behalf of partners said:
“We are continuing to work hard to process offers of grant applications so that all approved applicants can receive their funding as quickly as possible.
Alongside our partners, we continue to closely monitor the volume of new applications for the PERF and the £20 million Creative, Tourism & Hospitality Enterprises Hardship Fund. We expect both funds to reach their full capacity in the coming days, therefore anticipate these closing at 5pm on Monday, 18 May.”
Scottish Enterprise, along with Highlands and Islands Enterprise and South of Scotland Enterprise, will continue to deliver these funds, with support from Creative Scotland and VisitScotland for the hardship fund. Companies can apply at https://findbusinesssupport.
I know some of you have already applied to PERF and the Creative Grant but if you haven’t now is a good opportunity to review whether you’re eligible and apply before Monday.
Update 1 May 2020
Three new grants for businesses impacted by coronavirus now available:
- Pivotal Enterprise Resilience Fund
- Creative or tourism and hospitality enterprises hardship fund
- Newly Self-Employed Hardship Fund
Self Employed Hardship Fund
Update 22 May 2020
This loan scheme offers eligible landlords up to 100% of lost rental income for a single property.
Available to Private Rent Sector landlords who:
- Were, or had applied to become, registered before 01 February 2020
- Are not classified as businesses
- Have 5 or less properties available for rent
- Have properties for rent are classed as being within the private rented sector (as per the terms of the 2006 Housing Scotland Act)
- Have lost rental income as a result of tenants facing difficulty in paying rent as a result of the Covid-19 situation or where a rental property became vacant on or after 01 February 2020 and the landlord is unable to get a new tenant because of the restrictions currently in place.
Applications to this fund are open now. Further information including an online application can be accessed via the Scottish Government website.
Finally if you need to have a chat with me please contact me. I can do zoom calls, FaceTime or just the normal phone call. Don’t bury your head in the sand, talk to me, and stay safe.