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The Government has provided a range of business support measures for UK businesses and employees in response to Covid-19. The following support schemes available for Businesses are being administered by the Council:
Over 1,700 businesses in Fareham have benefitted from one the Government's Covid-19 related support schemes administered by the Council:
In total, £18.78m was granted under the three schemes, which are now closed. The payments were part of a package of measures announced by the Government to help businesses affected by the Coronavirus. Letters were sent to 1,700 businesses across the Borough and a team of officers from Fareham Borough Council phoned businesses to help them get grant support.
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 .
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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 were eligible to 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 provided 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.
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.
The Government has published guidance setting out how businesses can operate safely: