Bank of England Update for Businesses and Households
During this difficult time for businesses and households, the Bank of England has put together a list of sites where you can find the latest updates from the Government. The following has been circulated by the bank of England:
We’re mindful that many businesses and households are struggling and that circumstances are changing fast and some of you have asked where to find information. This may not be comprehensive but we have tried to collect together the most obvious places where you can check what support is available and how it will be delivered. More information will be available from next Monday on the lending schemes – please check the relevant websites.
The announcement on the Gov.uk website lists the various measures available and who is administering them https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses – it is comprehensive & updated as they add additional measures.
In particular, you will see that grants and business rate relief measures will be administered via Local Authorities (eg Leeds LA are signposting people to the LEP for triage to increase support across multiple issues: https://www.the-lep.com/business-support/covid-19-support-for-businesses/). The ‘business interruption’ loan scheme (up to £5m loans) will launch next week and will be delivered through the British Business Bank and lenders.
Two schemes involving the Bank of England:
The measures on 11th March included a term funding scheme aimed at SMEs delivered via the banks: https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19. Ask your bank about support.
* Another scheme for larger firms via the Bank of England https://www.bankofengland.co.uk/news/2020/march/hmt-and-boe-launch-a-covid-corporate-financing-facility and for which there is a market notice explaining some of the detail of how the facility will work: https://www.bankofengland.co.uk/markets/market-notices/2020/ccff-market-notice-march-2020. Application forms and pricing will be added to the Bank of England’s website on Monday 23rd.
* the Bank will publish a dedicated webpage for corporates seeking to use the CCFF as soon as possible.
The Association of British Insurers have issued a statement on business insurance cover here<https://www.abi.org.uk/news/news-articles/2020/03/statement-on-business-insurance-and-coronavirus/> and have a COVID-19 Q&A here<https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/> which includes business insurance, trade credit, income protection and pensions and investments.
Also, in case useful:
Visit Britain/Visit England: have a dedicated COVID-19 webpage<http://maxemail.visitbritain.com/rsps/m/fXOKg_mehy7guvxL91Gu998FnSio1EazlJ7bzp6gWI0> for the latest updates and key links for businesses and industry
* For anyone involved with charities: https://www.civilsociety.co.uk/news/coronavirus-what-charities-need-to-know.html