Paul Barnes at iSE, on behalf of the Digbeth Social Enterprise Quarter, has just issued the following statement. It includes excellent information about government financial support for small businesses, including business rates relief, sick pay relief, hospitality sector special measures and more.
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The coming months will be challenging but the Digbeth Social Enterprise Quarter will be working to support all Digbeth organisations to the best of our abilities. We have been in communication with GroundWorks and HS2 funds, who have agreed to let us reallocate budget from our Digbeth Connect program, allowing us to extend our support for Digbeth organisations for another two months in order to provide business support organisations that are affected.
Yesterday the Chancellor announced some support for businesses suffering from the effects of the Coronavirus and the economic slowdown. We will be working to support organisations in accessing this support.
- The British Business Bank is going to be making available loans of up to £5 million, covering up to 80% of losses caused by the disruption from Corona Virus, with no fees and 6 month free interest that is being paid by the government.
- Businesses with under 250 employees will receive a refund from the government for 2 weeks of statutory sick pay for free.
- £10,000 grants to the ‘smallest’ businesses, this support is to be delivered by local authorities who are meant to be receiving the funds from April.
- Government Business Rates Holiday for hospitality and leisure businesses 2020 to 2021.
- £25,000 grant program, provided to retail, hospitality and leisure businesses operating from ‘smaller premises’. Smaller premises I believe are defined by the rateable value being between £15,000 and £51,000. There is a rateable value tool HERE on the gov.uk website.
You can find more information about these measures here:
→ Coronavirus (COVID-19) guidance for employees, employers and businesses (covers healthcare and sick pay responsibilities)
→ COVID-19: support for businesses (covers grants, business rates relief, hospitality sector special measures and more)
→ If you are a Digbeth social enterprise and require any support please contact DSEQ via Paul Barnes on 0121 771 1411 or SEND MAIL.