Although public safety is the Government’s top priority, advice and funding is available to support businesses to plan, prepare and reduce the effect on their operations as much as possible.
We’re working collaboratively with our strategic partners across the county to provide business in South Kesteven with the best support service possible at this very difficult and uncertain time.
Here, we’ve brought together various resources, funding streams, advice and guidance to help businesses more easily find the support that’s most useful to them. We’ll update this page regularly to reflect any new measures, so please check back regularly.
The Business Lincolnshire Growth Hub is aiming to provide as much support as possible to businesses across Lincolnshire looking for support to cope with the effects of the coronavirus outbreak.
Business Lincolnshire can offer:
Or call 01522 782189 and select option 3 to talk to one of their specialist business advisers.
The UK is extremely well prepared for these types of outbreaks and will continue to take all necessary precautions to protect the public, including engaging with key industry partners to discuss their preparedness planning. To ensure the impact on businesses is minimised, in last week’s Budget the Chancellor outlined a comprehensive package of support.
Small Business Grant
Visit our Business Grants page to find out about the Government’s new business grant funding in response to the COVID-19 outbreak.
There are two funding programmes are available:
If you’re eligible for funding, we’ll be in touch with you directly by letter or email before 1st April 2020.
Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cash flow disrupted as a result of the COVID-19 outbreak.
The scheme supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities and can provide facilities of up to £5m for smaller businesses across the UK.
How it works
British Business Bank operates CBILS via its accredited lenders. There are over 40 of these lenders currently working to provide finance. They include high-street banks, challenger banks, asset-based lenders and smaller specialist local lenders.
A lender can provide up to £5 million in the form of:
CBILS gives the lender a government-backed guarantee for the loan repayments to encourage more lending. Find out more here.
Finally, the Government is temporarily increasing the Business Rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. Nearly half of all business properties will not pay a penny of business rates.
Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19. Find out more here.
Under the Coronavirus Job Retention Scheme, announced by the government last week, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month and all UK businesses are eligible to receive funding.
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. Find out more and claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme here.
The Government is looking for businesses who can support in the supply of ventilators and ventilator components across the UK as part of its response to COVID-19.
As well as manufacturers, Government is looking for businesses with the following skills:
Technology and innovation
Government has issued a new technology challenge to support people who are isolating. £500,000 of funding is available for technology companies who come up with digital support solutions for people who need to stay at home because of coronavirus. Find out more here.
The Defense and Security Accelerator (DASA) is looking for rapid sanitising technology to make the process of cleaning ambulances quicker to help in the national effort against Coronavirus and save lives. Find out more here.
The Bank of England has also announced a comprehensive package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with COVID-19. Interest rates have been reduced to 0.1% and additional funding will be available for banks to increase lending, especially to SMEs.
For the latest information and advice, employers and business owners should visit guidance for employers and businesses. Check the page regularly for updates and subscribe to receive email alerts.
Government is also advising businesses to build their own resilience by reviewing their business continuity, developing an understanding on the potential impacts to their supply chains, customers or other factors critical to their operations.
Greater Lincolnshire’s agrifood industry is of national significance, with 56,000 jobs in agriculture, food processing, marketing and logistics, and it generates £3.5 billion for our economy.
The scale of our food industry means we have a major role in helping the country feed itself during and after the COVID-19 crisis.
The Greater Lincolnshire Local Enterprise Partnership has compiled information and support resources specifically for food sector businesses. Click here for more information.
The Government is closely monitoring developments in relation to potential economic impacts on the UK economy, individual companies and the supply chain, so we’re encouraging businesses to share any specific concerns to ensure the support available is targeting the right areas.
The Department for Business, Energy and Industrial Strategy is asking for intelligence about how COVID-19 is impacting individual businesses and industry sectors and welcomes information from you on:
The Greater Lincolnshire Local Enterprise Partnership is implementing a single contact point to collate business intelligence and feedback to Government about the needs of our business community as a consolidated and impactful evidence base as a single, united voice.
Please email your comments and concerns to: GLLEPbusinessintelligence@lincolnshire.gov.uk
Latest guidance from Government for employers:
This is a rapidly evolving situation, which we are monitoring carefully. The situation is kept under constant review and any change in guidance will be based on scientific evidence. The Government’s approach is clinically led, based on the expert advice of the UK’s Chief Medical Officer for England, the NHS and Public Health England.
Businesses should check for daily updates at GOV.UK and subscribe to receive email alerts to ensure they are acting on the most up to date information.
You can find all updated information produced by the Department for Health and Social Care and Public Health England here.
The InvestSK team are on hand to provide support – contact us via email: email@example.com or call the team on: 01476 406122 | 01476 406318 | 01476 406374.
Page updated: 27.03.20