There is no doubt about it, many businesses have been very heavily hit by the recent lockdown due to Coronavirus and there is a general concern that there will be problems moving forward if the economy takes a while to pick up. Government borrowing for April was £62 billion, the largest amount since records began which is not surprising news considering the level of help that the Government has put in place for businesses and individuals in order to keep people safe.
Whilst the team at Bucks Biz has worked incredibly hard to support residents in successfully receiving their Small Business grants, it appears that there is a new page that Milton Keynes Council has pulled together that you can visit if you need further support or if your application was turned down.
News has also been circulating about a discretionary top-up fund for any businesses who did not meet the criteria. We will share the details of this when this new scheme has been set up. It's likely that this will be when the Small Business Grant Fund has been completed, which we believe is imminent.
- Deferral of VAT payments
- Job Retention Scheme (Furlough)
- Coronavirus Business Interruption Loan Scheme. There are 40 providers available which you can view via the British Business Bank website. There are different types of loans available, so it’s worth doing research about the options that are available.
- British Business bank also has a section on their website for large businesses. If you have applied for help before, but were turned down, it’s worth trying again because some people have been successful when applying a second time.
- There is an option to apply for more than one of the schemes available. You will obviously need to be certain that you qualify - but it is worth doing your research and speaking to your professional body if you are a member.
- Coronavirus Bounce Back loans are available so that SMEs can borrow up to £50,000.
- Covid Corporate Financing Facility (CCFF) is also available.
On behalf of the team at Bucks Biz, we will do everything in our power to support our residents and do not hesitate to speak to us if you have any questions about your financial options moving forward.