Update on small business and cash grants

Business grants have now been issued to 82% of eligible businesses in our district so far.

We’ve paid out £24.4 million in small business and cash grants (within the retail, hospitality and leisure sectors) to support 2,090 businesses.

Application forms were sent out to the trading addresses of eligible businesses at the end of March. Despite this, there are still 450+ businesses in our district yet to come forward and make their claim.

If you run a business which is eligible, but haven’t yet returned your grant application form, please email it back to busrates@braintree.gov.uk as soon as you can.

If you’re unsure of your eligibility, you can email economicd@braintree.gov.uk for advice, help and support.

New Bounce Back Loans scheme for small businesses

The new Bounce Back Loans scheme announced this week will allow businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans will be interest free for the first 12 months, and from Monday, 4 May businesses can apply online through a short and simple form. 

The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months. 

The loans will be easy to apply for through a short, standardised online application. Loans should reach businesses within days – providing immediate support to those that need it.

Firms will be able to access these loans through a network of accredited lenders. The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan. 

The new scheme will run alongside the existing Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme. 

The Government is also taking additional steps on the Coronavirus Business Interruption Loan Scheme to ensure that lenders have the confidence they need to process finance applications quickly, including removing the per lender portfolio cap for the government guarantee, and changing the viability tests so all that banks will need to assess is whether a business was viable pre COVID-19. 

Fraud and Cyber Crime 

Measures announced over recent weeks to deal with coronavirus have seen our day-to-day life drastically changed – we are spending more time at home and online.  Unfortunately, criminals will use every opportunity they can to scam innocent people and their businesses. The advice and guidance on how to protect yourself and your business from fraud and cyber-crime has been updated.

Financial help for sports clubs and community organisations

Over 120 sports clubs and community organisations in Essex could qualify for emergency financial support during the pandemic.

The Sport England Community Emergency Fund is a £20m support package aimed to help community sport and physical activity organisations experiencing short term financial hardship or the ceasing of operations due to the ongoing coronavirus crisis.

Clubs can request a grant up to £10,000 to provide emergency funding until the end of July. Active Essex provides useful tips on how to apply, eligibility and what costs the fund could cover.

For more information, visit support for the sport and physical activity sector on the Active Essex website. Alternatively, email lee.monk@activeessex.org or call 07917 651667 if you require individual support.

Webinar: Financial support for small businesses during COVID-19

Register to join a FREE webinar hosted by the Department for Business, Energy and Industrial Strategy at 11am on Tuesday 5 May to find out how small businesses can access the coronavirus business support measures recently made available.

New measures to protect the high street from aggressive rent collection and closure

High street shops and other companies under strain will be protected from aggressive rent collection and asked to pay what they can during the coronavirus pandemic.

The government will temporarily ban the use of statutory demands and winding up petitions where a company cannot pay its bills due to coronavirus, to ensure that companies do not fall into deeper financial strain.

The measures will be included in the Corporate Insolvency and Governance Bill. The government is also laying secondary legislation to provide tenants with more breathing space to pay rent by preventing landlords using Commercial Rent Arrears Recovery (CRAR) unless they are owed 90 days of unpaid rent.

Read more here.

New free online learning platform to boost workplace skills

A new online learning platform to help boost skills while people are staying at home, has been launched by the government. Free courses are now available through The Skills Toolkit. The platform gives people access to free, high-quality digital and numeracy courses to help build up their skills, progress in work and boost their job prospects.

Historic England’s Covid-19 emergency response fund extends a safety net to small heritage organisations.

The grants available will help heritage organisations, voluntary groups and self-employed contractors survive the immediate challenges posed by the pandemic, and to prepare for recovery.

Applicants are invited to apply for grants of up to £25,000 to address the financial difficulties arising from coronavirus. Grants of up to £50,000 are also available for projects and activities that reduce risks to heritage by providing information, resources and skills.

The deadline for applications is midnight on Sunday, 3 May and the funding for successful applications will be awarded from mid-May.

Find out more and apply here.

Latest government information for businesses which details: Access to funding and support Responsibilities as an employer Advice and guidance for managing your business How you can help

We will continue to bring you the most up-to-date advice via these emails, our website and on social media.

You can also join our closed Braintree District Businesses Facebook group to find support from other businesses in our district.