Business Gateway Fife is ready to help Fife businesses during the coronavirus crisis. It can provide advice and access to immediate support to enable you to continue to trade during this extremely challenging period.
Contact Business Gateway Fife at www.businessgatewayfife.com or arrange to speak to an adviser on 01592 858333.
There is also a national business support helpline run by Scottish Enterprise on 0300 303 0660.
The Scottish Government has also pulled together advice for businesses in Scotland.
You can also check what support is available and how it will be delivered on the links listed below. These might not be comprehensive and but will be updated on a regular basis.
The announcement on the Gov.uk website lists the various measures available and who is administering them UK Government – guidance to employers and businesses about Covid-19 support – it is comprehensive & updated as they add additional measures.
If you’re self-employed, the UK Government has announced it will support you if you’ve been affected by the pandemic. Click for more information on the new Self-Employed Income Support Scheme.
Relevant to all businesses
Banks and Building Societies can participate in the Bank of England’s Term Funding Scheme announced on 11 March with additional incentives for SMEs TFSME. Companies can ask their funders about the implications for business lending.
If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 015 9559. Lines are open from Monday to Friday, 8am to 8pm and on Saturday 8am to 4pm.
Coronavirus Job Retention Scheme – HMRC will reimburse 80% of the wage costs of ‘furloughed’ workers (ie workers who have been asked to stop working but have not been made redundant), up to £2,500 per month.
If you are either a small or medium sized business, you can access:
FInance from the Coronavirus Business Interruption Loan Scheme is now available through the British Business Bank. If you are UK based and have a turnover of no more than £45m per year, you can apply for up to £5m of funding.
If you are a large business, you may be able access:
The Covid -19 Corporate Financing Facility CCFF is a scheme for larger firms via the Bank of England. A Market Notice explains some of the detail of how the facility will work CCFF Market Notice. Application forms and pricing will be added to the Bank of England’s website on Monday 23rd.
The Bank will publish a dedicated webpage for corporates seeking to use the CCFF as soon as possible.
If you are a small business based in Scotland:
You can access grants and business rate relief.
- Small Business Bonus and Rural Relief Schemes – additional grant funding
- If you are based in Scotland and have a total rateable value (the value used to assess the amount of business rates the property owner or leaseholder must pay) up to £35,000, you may be able to access rates relief via the Small Business Bonus Scheme which includes a link to Local Authority websites.
- If your property is in a designated rural area, with a population below 3,000, you may be eligible for 100% relief from your business rates via Rural Relief
- If you are eligible for either scheme and your property has a rateable value of up to £18,000, you can apply for an additional £10,000 grant .
- Grant funding for hospitality, tourism and retail sector
- If your property has a rateable value between £18,000 and £51,000 you can apply for a £25,000 hospitality, leisure and retail property grant.
- You may also be eligible for one year’s 100% non-domestic rates relief for retail, hospitality and tourism.
To apply for relief and/or a grant you should complete an application form which can be found at www.fife.gov.uk/corovirus-business – Scottish Government Coronavirus business support fund.
The Association of British Insurers have issued a statement on business insurance cover here and have a COVID-19 Q&A here which includes business insurance, trade credit, income protection and pensions and investments.