Financial support for businesses
NSDC is keen to support its business community and their employees in these unprecedented and challenging times. So far, we have already made 1,034 relief payments to local businesses with a total value of approximately £13,415,000.
We are committed to being as flexible as possible in administering relief for qualifying businesses and people affected. The support packages available are:
- A statutory sick pay relief package for SMEs
- Business Grants of between £10,000 and £25,000 have now started being paid to eligible businesses as follows:
1. £10,000 grant per business property in receipt of Small Business Rates Relief and Rural Rates Relief; or
2. £10,000 grant per business property in the Retail, Hospitality, and Leisure Sector with rateable value of £15k or less at 11 March 2020
Please note, if businesses fall within both categories 1 and 2 above, the maximum grant eligible will be £10,000
3. 25,000 grant per business property in the Retail, Hospitality, and Leisure Sector with a rateable value of more than £15k but less than £51k at 11 March 2020
Businesses who think they may qualify for one of the above grants should submit their details, including their bank account details, via our secure online form as soon as possible.
Businesses with a rateable value of £51k or over are not eligible for this scheme but may be eligible for assistance via the Coronavirus Business Interruption Loan fund.
Coronavirus Business Interruption Loan Scheme
Businesses may be eligible for a Coronavirus Business Interruption Loan of up to a maximum of £1.2 million. This scheme is delivered through commercial lenders, backed by the Government-owned British Business Bank. There are 40 accredited lenders able to offer the scheme, including all the major banks. The decision on whether to offer finance is taken by each individual lender, not by the Government. Businesses remain responsible for repaying any loans they take out.
There is also information on additional support at the Local Enterprise Partnership Growth Hub here.
The Government has published guidance on the closure of all retailers that sell non-essential goods and other non-essential premises, as part of further social distancing measures.
A full range of business support measures have been made available to UK businesses and employees.
Financial support for employees
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.
To access the scheme you will need to:
- Designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation.
- Submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required).
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
The scheme applies to all UK businesses.
Information for employers making redundancies or with recruitment opportunities
Short term cash flow support
If your business needs short term cash flow support, you may be eligible for a Coronavirus Business Interruption Loan.
Chartered Institute of Personnel and Development (CIPD) has published useful advice, resources and guidance to support employers and people professionals in their response to Coronavirus (Covid-19) including the Coronavirus Job Retention Scheme and on furloughing staff. https://www.cipd.co.uk/news-views/coronavirus/faqs
Redeployment Triage Service
A brand new service has been created to help those made jobless as a result of the Coronavirus outbreak back into employment.
Whilst the Government has created the Coronavirus Job Retention Scheme, designed to help businesses retain their staff during the current outbreak by paying 80% of an employee’s salary, there are redundancies currently being made by businesses across Derbyshire and Nottinghamshire.
This is occurring while gaps in the labour market are appearing in sectors vital to the ongoing fight against Coronavirus (Covid-19).
D2N2, the Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire, has worked with partners to create The Redeployment Triage Service, to be administered by Futures who are the National Careers Service provider for the East Midlands.
They will match those recently made redundant with new work in sectors experiencing a surge in demand such as food retail, care, and distribution. The service will also engage with employers needing to make redundancies to ensure a smooth transition for their employees into new work.
Further information can be found on the D2N2 website.
Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. The scheme is currently being set up and information is available on gov.uk website.
Business support links
Support for businesses who are paying sick pay to employees
Support for businesses who pay business rates
Support for businesses who pay little or no business rates
Support for businesses paying tax
The East Midlands Chamber have created a Coronavirus hub on their website which is updated daily with the latest developments and new financial measures.
British Independent Retailers Association has a webpage containing advice for employers on health and safety advice and employment law.
The Federation of Small Business has a webpage which consists of various forms of advice to small business about coronavirus.
The Chartered Institute for Personnel and Development has information which sets out how employers should respond to the threat from coronavirus. https://www.cipd.co.uk/news-views/coronavirus