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30 April 2020

Covid-19 Business Updates

Business Support Grants update: 64% of the 7,241 business support grant claims have been paid, totalling almost £57 million. If you have registered to claim your grant but are yet to receive it, Dorset Council say “Please be assured we’re working as hard as we can to process all claims and we’ve drafted in officers from other parts of the council to help speed up the process”. 
If you would like assistance in chasing your grant payment or you haven't claimed yet and are unsure of your elgibility then please contact claudiamoore@weymouthbid.co.uk and we will do our best to expedite the process. 
• Chancellor expands loan scheme for large businesses: The Coronavirus Large Business Interruption Loan Scheme has been expanded to cover all viable firms. All firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million. British Business Bank website
• Coronavirus Future Fund: The Future Fund (launching in May) will provide Government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match-funding from private investors. These convertible loans may be a suitable option for businesses that rely on equity investment and which are unable to access the Coronavirus Business Interruption Loan Scheme.
• UK businesses driving innovation and development will be helped through the coronavirus outbreak with a £1.25 billion government support package, the Chancellor announced. https://www.gov.uk/government/news/billion-pound-support-package-for-innovative-firms-hit-by-coronavirus
• Find out how to calculate 80% of your employee’s wages, National Insurance Contributions and pension contributions if you’ve furloughed staff due to coronavirus (COVID-19). https://www.gov.uk/guidance/work-out-80-of-your-employees-wages-to-claim-through-the-coronavirus-job-retention-scheme

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