The Coronavirus (COVID-19) outbreak presents a significant challenge to businesses around the globe. Norfolk businesses who have been affected, or feel they are likely to be affected by Coronavirus, are urged to seek advice and the Government has supplied a series of resources to inform employers on the latest developments and advice on protecting themselves and their employees. The Chancellor, Rishi Sunak outlined yesterday afternoon, the Government’s £330bn package of support for businesses.
Below the key points from yesterday’s government briefing:
- Keen to boost science and research and get trials going and search for vaccine
- Will do ‘what it takes’ to support the economy
- Will support millions of businesses, jobs and incomes and will respond with urgency
1. The government will stand behind small and large businesses – package of Government loans, £330bn of guarantees equivalent to 15% GDP. Any business who needs access to cash, rent, supplies etc, available on Government credit. If demand is higher, they will look to increase capacity. Support delivered through 2 schemes (BOE lending facility, low-cost commercial paper) and (Business Loan Scheme rather than £1.2 million now up to £5m with no interest due for 6 months) – both available from next week.
Potential support package for airlines and airports – the government will look to help most affected sectors.
2. For those in leisure, pubs, etc. – cash grants of £25,000 for particular businesses. Business rates holiday for all those in sectors (irresponsive of rateable value). Cash grants increasing from £3k to £10k.
3. Mortgage lenders offering 3 month mortgage holiday. The government to work with other parties to help protect jobs and incomes.
Commenting on the package of support, Nova Fairbank, Head of Policy for Norfolk Chambers said:
“Whilst the announced measures are on an impressive scale, we feel this is not immediate enough for most businesses. Rishi Sunak’s announcements certainly involve big numbers in order to boost business confidence and support over the medium-term through loan guarantees. “However, Norfolk Chambers’ members and the wider business community, especially in the most vulnerable sectors such as hospitality and logistics, need significant help with their cashflow now to pay their staff and keep trading. “This means the government must implement a moratorium, of at least three months, on those taxes which will eat away at companies’ margins: business rates, commercial rents, NI employer contributions and VAT. This would deliver an enormous boost to thousands of businesses. And unlike the administration of loan guarantees, this approach would benefit the business community positively much sooner.”
The latest advice from Public Health England is that:
- If you or anyone in your home has a high temperature or a new and continuous cough, then you should stay at home for 14 days.
- Everybody should avoid all unnecessary social contact with others and all unnecessary travel.
- Everybody should start working from home if they possibly can.
- Everybody should avoid pubs, clubs, cinemas and restaurants.
Norfolk Chambers are here to help and support:
Norfolk Chambers team will remain available to you and continues to connect, support and give voice to every business in Norfolk.
- Business Support: Norfolk Chambers’ membership gives businesses access to free HR, legal, tax and health & safety advice – much of which may be useful to you during the current COVID-19 situation. The Norfolk Chambers’ team is on hand to help you get the maximum benefits from your Chamber membership. For more information: [email protected] or we have a live-chat facility on our website during working hours.
- Events: In view of the latest advice, we have taken the decision to postpone all events/training courses until the end of April 2020. We will reconsider our position on events at this point. In the meantime, if you are booked onto an event during this period, we will be in touch to advise you about your booking. For any queries relating to our events, please contact [email protected] or 01603 625977
- Export documentation: This expert service continues to operate, but please note there may be a slight delay on the speed of service. We would encourage you to consider using the electronic e-zCert system to process your documentation wherever possible. We have also put contingency plans in place to ensure continuous service. For any queries relating to this please contact: [email protected] or call 01603 625977 and we will arrange a call back.
- Communications: All of our communications channels remain open to support members boost their customer reach and access support. For further information on using Norfolk Chamber’s website and accessing our social media platforms: [email protected] or 01603 625977
- Campaigning and policy: Norfolk Chambers continues to lobby hard on your company’s behalf. We very much welcome any feedback that you may have on how Covid-19 is impacting on your business and also suggestions of what the Government could do to help you to navigate this difficult period. Please contact Nova Fairbank on email: [email protected] or Tel: 01603 729713.
As you are aware, the response to Coronavirus/COVID-19 means that the advice to business is likely to change. We will ensure that Norfolk Chambers keeps you updated as the situation changes. The latest advice from Government on what businesses need to do and the support available to them can be found here.
