Access Government Funding in times of Coronavirus Crisis

by | Apr 30, 2020

Access Government Funding in times of Coronavirus Crisis

There are reliefs available and the UK government package is significant – apply right now to see if you qualify for it. Accessing Government funding is a great way to ensure your business will thrive during the Coronavirus crisis. 

Businesses can access funding in a number of different ways: 

  • Interest Free Loan Scheme (CBILS)
  • Payroll rebates (80% of wage cost)
  • Rate relief
  • Grants for those that already get rates relief
  • Time to pay for taxes to HMRC

Coronavirus Business Interruption Loan Scheme (CBILS) – What you need to know! 

ACTION STEPS

  1. Get your books up to date – in a cloud system like Xero.
  2. Construct a financial forecast, ideally a full profit & loss plus cash flow forecast
  3. Predict the likely impact of COVID-19.
  4. See if you qualify for any other relief
  5. Make application using expert guidance​
  6. Payroll Rebates:

For the mechanism of rebate, please visit our Coronavirus Information Hub where we update guidelines and announcements to help you thrive during the pandemic crisis. 

Rate relief:

  • Will be applied automatically so you don’t have to pay rates currently
  • Grants for those that already get rates relief
  • This will be applied automatially, local authorities will contact those that qualify.
  • Time to pay for taxes:
    • No VAT until June, don’t have to notify HMRC, but payable by end of year 
    • We would advise not paying any other taxes if you can’t afford to and notify HMRC

Access Government funding is a fifth step to your business to survive during a pandemic crisis. The first step is to Get Lean. Second is to Make Remote Working Effective. Third is to Master your Finances. The fourth step is to Improve your Cash Flow & Setup a Cash Flow Forecast. As for the final step, Be the leader your team needs you to be. Please make sure to read all the COVID-19 business survival guides. 

There are 4 ways we can help you and your business now:

If you have been affected by COVID-19 in any way at all, book an advice call here. No sales pitch, no cost – just help.

As you continue to navigate this uncertain economic environment and the government loan application process, remember that you have experts on your side. Get Simon’s Business Owner Survival Kit to simplify and expedite your path to successfully securing your funds. Get Your Toolkit Here

Access a webinar recording of Simon and Tony Robbins from last week. This strategic, tactical and timely discussion could mean the difference between a business that survives and thrives, and one that doesn’t. Watch Here

Keep up to date with all the information on COVID-19 in our resource hub here, which is being updated daily with any new information as and when it is released.

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