Business Briefing #15

Published on: December 14, 2020

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Business Briefing

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Briefing #15, 14 December 2020

Content at a glance:

Business evictions ban extended until March
Working safely during coronavirus (COVID-19)
NHS Test and Trace in the workplace
Coronavirus (COVID-19): testing guidance for employers
How your circumstances affect eligibility for the Self-Employment Income Support Scheme
Pay VAT deferred due to coronavirus (COVID-19)
Apply for a Discretionary Grant (DG2)
CBILS Important Update

1. Business evictions ban extended until March  

Business owners affected by the pandemic will now be protected from eviction until the end of March 2021.

2. Working safely during coronavirus (COVID-19)

Updated guidance to clarify that workplace canteens open to staff only do not need to collect data for NHS Test and Trace. See the ‘What’s changed’ section for further information.

3. NHS Test and Trace in the workplace

Guidance on what to do if you or someone you employ is contacted by NHS Test and Trace, including self-isolation and financial support. This guidance has been updated to reflect the end of the national restrictions on 2 December 2020 and the reintroduction of the tiered system.

4. Coronavirus (COVID-19): testing guidance for employers

Guidance for employers and third-party healthcare providers on the regulations and legal obligations of running testing programmes.

5. How your circumstances affect eligibility for the Self-Employment Income Support Scheme

If you’re self-employed or a member of a partnership find examples of how your circumstances can affect your eligibility for the scheme. This guidance has now been updated to provide clarity on verifying your eligibility with HMRC after having a new child.

6. Pay VAT deferred due to coronavirus (COVID-19)

Find out how to pay VAT payments deferred between 20 March and 30 June 2020. You can pay now or get ready to opt in to the VAT deferral new payment scheme. You need to opt in to the the new payment scheme by the end of March 2021.

7. Apply for a Discretionary Grant (DG2)

How to apply for a discretionary grant where a previously dissolved company due to Covid-19 can be restored due to changes in support packages making it viable.

8. CBILS Important Update

As a result of ‘Lockdown 2’, the government have extended the CBILS facility until the end of January 2021. IPIA Member Compass Business Finance is an approved lender on the below terms. Whether you have already received finance through CBILS via Compass Business Finance or another lender, now’s the time to take another look at what you may need.

If you are likely to require additional working capital or are considering purchasing any additional equipment over the next 12-18 months you will make significant savings by arranging the finance now.
Applications must be made before 31st January 2021. However, offers of finance are valid for up to 6-months (depending on the type of finance sought), without any obligation.
If you have taken a Bounce Back Loan (BBL) but found the funding insufficient for your needs, CBILS is still available as an alternative option providing you pay back the BBL (which can be done using the CBILS finance).
You can take out multiple finance agreements utilising CBILS up to a maximum of £5 million.
Depending on the term of the finance, having the first 12-months of interest, as well as any upfront fees covered represents savings of up to 56% on a 36-month or 100% on a 12-month terms against what you’d have paid previously.
There are 3 significant CBILS offerings Compass can talk to you about, either separately or as part of a package:
Loans up to £500,000 over 2-5 years with the first 12-months capital and interest free. Decisions are usually given c.96 hours from submitting all the required information.
Refinance your existing agreements and unencumbered assets with the first 12-months interest paid, to release cash and provide savings on monthly repayments.
Financing for new and used machinery with 12-months interest free. Once you’ve applied for finance and received an offer, you have up to 6-months to take up the facility without any obligation to. Many companies are looking at their next 12-18-month investment plans with CBILS accelerating some projects into this year.