We appreciate that we are all experiencing very challenging and uncertain times as a result of the Coronavirus (COVID-19) and want to outline the support being offered to Fife Businesses.
As you can imagine, things are developing rapidly and this page will be updated regularly with the latest announcements and support packages. You can also sign up to our enewsletter to receive updates into your inbox.
Meantime, you can access the following resources which will provide full information on the packages available, the measures being taken and general advice to businesses regarding the Coronavirus.
FIFE IS CURRENTLY AT LEVEL 3 (Status updated 13th November at 07.15am)
The government has announced that it will be launching its Small Business Bounce Back Loans which will enable businesses to borrow between £2,000 and £50,000 and access the cash within days. The loans will be interest free for the first 12 months and the government has said that businesses will be able to apply through a short and simple online form.
Business Gateway is one of Scotland's leading providers of workshops and seminars and has now launched an extensive range of webinars and online tutorials to help you navigate your way through the Coronavirus situation. From finances to digital marketing and from HR to government funding, you can access the information from wherever you are. Click here to find out more.
To support those who are self-employed (or a member of a partnership) and adversly affected by COVID-19, the Government announced on 26 March 2020 a Self-employment Income Support Scheme.
The scheme will allow those who are eligible to claim a taxable grant worth 80% of their average monthly profits over last 3 years (maximum of £2,500 per month) for the next 3 months. The government may extend this if required.
HMRC will use existing information to contact those eligible directly and will invite applications however, there is no need to contact HMRC currently as the scheme is not yet open for applications.
The Coronavirus Business Interruption Loan Scheme (CBILS) has opened for applications. It supports term loans, overdrafts, invoice finance and more. It can provide facilities of up to £5 million for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Job Retention Scheme
Employers (with a PAYE scheme) are being offered support to help avoid laying off staff during this crisis, through the Job Retention Scheme which will enable them to continue paying part of their employees’ salary.
HMRC will reimburse 80% of wages (up to £2,500 per month) for those employees who have been asked to stop working, but remain on the pay roll - defined as ‘furloughed workers’. The Scheme will cover the cost of wages backdated to 1 March and is initially open for 3 months.
Employers will need to take the relevant steps to designate furloughed workers and will be able to make a claim for the money once HMRC's new system is available (they aim to have this ready by the end of April 2020).
Check out the details
Creative Scotland have funding to help support the country's creative industries against the impact of COVID-19
Business Gateway Coronavirus (COVID-19) Advice Page
Business Gateway has launched a dedicated page with the latest information regarding the Coronavirus.
Government Support Packages for Businesses
The government has launched a series of support packages for businesses including business grant funding, Statutory Sick Pay and advice on Business Rates.
Scottish Government Business Advice Page
The Scottish Government has created a resource for businesses which will be updated in due course with information on sources of finance, business continuity as well as business rates and tax.
Government Guidance for Employers
A fantastic resource with information on what you should be doing as an employer and what to do if an employee is off work.
ACAS – Coronavirus Advice Page
ACAS are updating this page daily with advice and best practice on communicating with staff and how to ensure you are communicating with them effectively.
If you are looking for further information, the Scottish Government has also launched a helpline on 0300 303 0660 to help businesses.