As we are facing uncertain times with the worldwide pandemic of the coronavirus (COVID-19), the government, banks and some insurers are taking extra steps into order to protect small, medium and large businesses that might face closure or difficult circumstances due to COVID-19. Here is a list of some of the current resources available:
The Welsh Government has also announced an additional package of support for businesses hit by Coronavirus. More detail can be found here: https://businesswales.gov.wales/coronavirus-advice
The Development Bank of Wales are offering a three-month capital repayment holiday to their customers to help manage cash flow as the Coronavirus continues to develop.https://developmentbank.wales/coronavirus-support-welsh-businesses
The announcement on the Gov.uk website lists the various measures available and who is administering them https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses – it is comprehensive & updated as they add additional measures.
The ‘business interruption’ loan scheme (up to £5m loans) will launch next week and will be delivered through the British Business Bank and the BBB link is: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
Two schemes involving the Bank of England:
* The measures on 11th March included a term funding scheme aimed at SMEs delivered via the banks: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
* Another scheme for larger firms via the Bank of England https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility and for which there is a market notice explaining some of the detail of how the facility will work: https://www.bankofengland.co.uk/markets/market-notices/2020/ccff-market-notice-march-2020. Application forms and pricing will be added to the Bank of England’s website on Monday 23rd.
* the Bank will publish a dedicated webpage for corporates seeking to use the Covid Corporate Financing Facility (CCCF) as soon as possible.
The Association of British Insurers have issued a statement on business insurance cover here<https://www.abi.org.uk/news/news-articles/2020/03/statement-on-business-insurance-and-coronavirus/> and have a COVID-19 Q&A here<https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/> which includes business insurance, trade credit, income protection and pensions and investments.
Also, in case useful:
* Visit Wales: have a dedicated COVID-19 webpage for the latest updates and key links for businesses and industry: https://www.visitwales.com/coronavirus
* For anyone involved with charities: https://www.civilsociety.co.uk/news/coronavirus-what-charities-need-to-know.html
