27th April 2020
Business Finance – The Chancellor has today announced a new business funding scheme. Called ‘Bounce Back Loans’ these will be for up to 25% of business turnover up to a maximum of £50,000. There will no interest for the first 12 months and crucially will enjoy a 100% government guarantee. There are no tests of viability and the intention is that the money will get to business within a matter of days. Applications will be via a simple online form. The announcement can be found here: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans.
Re-Opening – a number of members want the opportunity to discuss our re-opening paper. We are therefore going to try to organise a Zoom meeting for Division 1 on Thursday and Division 3 on Friday, both at 11.00am. Details to follow. If you have anything you want to raise can you please let me know in advance. We want to get something to Government by Friday latest as firstly that is the deadline for the Hospitality APPG submissions and Government thinking on re-opening is advancing at pace. Encouragingly, and consistent with bacta’s paper, it looks like that rather than a sector by sector approach, they are thinking along the lines of setting social distancing and hygiene standards, which if met, will allow a venue to open.
JRS – It has been confirmed that furloughed workers should receive full parental leave entitlement: https://www.gov.uk/government/news/furloughed-workers-to-receive-full-parental-leave-entitlement.
VAT – HMRC has updated its website on what different VAT payments can be deferred including payments on account and monthly/quarterly payments: https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19.
I have also been checking to see if there is any news on whether or not HMRC have appealed the recent Rank/Done Bros case. They have not. They have a month from the decision to apply for leave of appeal, and even if refused they can go straight to the Appeal Court. As soon as I hear anything I will let members know.