Support for South Tyneside Businesses
Posted on 06 April 2020
A dedicated Business Hub has been set up to help you access grants and other vital financial support as quickly as possible. Our team is here to provide you with the advice and support you need and are entitled to, to protect your livelihood. Please contact us on 0191 481 3456 or by email at business@southtyneside.gov.uk if you need help.
Updates on Government Support
The Government has extended the Business Interruption Loan Scheme so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
Business Rates and Business Grants
Business rates for the coming financial year will be waived for those in receipt of small business rate relief and all businesses within the retail, hospitality and leisure sector.
One-off grants to a significant number of small and medium-sized businesses are being made, as directed by Government. This is available to help small, rural, retail, leisure and hospitality businesses with their ongoing business costs in recognition of the disruption caused by COVID-19. A webpage to answer frequently questions around eligibility has been set up and can be accessed here.
All businesses that are eligible for one of these grants will be contacted in due course, but an online form has been set up to verify eligibility and business bank details as quickly as possible. Please complete this online form here.
Self-employment Income Support Scheme
This Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. Full information can be found on the Government’s Business Support website.
The government is also providing increased amounts of Universal Credit and deferring Self Assessment income tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020.
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