The following support schemes available for Businesses are being administered by the Council:
As of 29 May, Fareham Borough Council has paid out more than £16.9M so far in grants to businesses in the Borough as part of the Government's support package during the Coronavirus pandemic.
So far over 1,912 statements confirming eligibility have been completed and submitted by businesses across Fareham and 99.9 per cent of those statements have been reviewed by Council employees. A significant number of the grant requests have been rejected as ineligible by the Council, including many which are duplicate submissions.
Half of all statements submitted to the Council have needed further checks, usually because of anomalies with information already held about that business, or because the business did not have a direct debit set up for payment of its business rates. The Council has been actively seeking tools which can speed up these checks.
Fareham Borough Council initially wrote to 1,700 businesses asking them to complete declarations of eligibility. They have also set up a dedicated telephone team to call businesses believed to be eligible but who haven't applied.
The Solent LEP, in partnership with Crowdfunder, has launched a new fund targeted at small and micro businesses. There is a maximum pledge of up to £2,000 per micro business (fewer than 10 staff) and up to £5,000 per small business (fewer than 10 staff), contributing to up to 50% towards the business's total fund-raising target. Further details are available on the Solent LEP business at https://solentlep.org.uk/crowdfunding-programme-pay-it-forward/ .
There is also a new 'Coronavirus' hub on the Solent LEP website detailing all of the available information about support for local businesses Coronavirus information from the Solent LEP
Find out if your business is eligible for support with the Business Support Finder tool .
Schemes we have information for so far are:
This Government fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
This Government scheme is for the self-employed or a member of a partnership in the UK and who have lost income due to coronavirus (COVID-19). Claiming a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month. HMRC aims to contact potential claimants by mid May 2020, and will make payments by early June 2020.
This Government scheme launched on 4th May to help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there will not be any fees or interest to pay for the first 12 months (on terms of up to 6 years).
This UK-wide scheme will help businesses affected by coronavirus to access finance of up to £5 million.
This Government scheme supports large businesses with an annual turnover of over £45 million. All viable businesses can apply for up to £25 million of finance. Firms with a turnover of more than £250 million can apply for up to £50 million of finance.
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.
Businesses in the retail, hospitality or leisure sector will receive a cash grant of up to £25,000 per property.
Under the coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees' salary for those that would otherwise have been laid off during this crisis.
The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief.
To see if your business is eligible for the grant, use the GOV UK checker tool .
The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus.
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC's Time To Pay service.
The new Covid-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies.
Nurseries in England do not have to pay business rates for the 2020-21 tax year.