Business News: 11 May Coronavirus (COVID-19) Update

We are circulating a more frequent newsletter to keep businesses up to date with the latest developments during this difficult time. 

Please remember to keep checking our website for updates as we have an area specifically for keeping our business community updated during the coronavirus pandemic; we will offer advice and information as we receive it.

Following the Prime Ministers announcement last night we wanted to let you know that Eastleigh Borough Council are not planning on opening any of its buildings for the foreseeable future.

Over £14 million paid out in emergency business support

We are still taking applications for business grants, if you haven't yet applied for yours download the form now and return it to the Economy Team.

We wanted to update you on our latest business grants payments; we have now paid out £14,080,000 in business grants to 1,073 companies across the Borough.

There is still time to apply for a business grant if you haven't yet done so, please do not hesitate to get in touch 

Businesses that are eligible could receive a £10k or £25k grant depending on the size of the company. If a company is in receipt of Small Business Rate Relief or run a business in retail, hospitality or the leisure sector and have a Rateable Value of £51,000 or less, it can complete the form to be assessed for eligibility for any grants or reliefs.

Bounce Back Loan Scheme

If your business is not eligible for one of the emergency support grants then an alternative is now available.

The Bounce Back Loan scheme is now open for applications and is designed to help businesses affected by the coronavirus pandemic.

With this new loan scheme businesses will be able to borrow between £2,000 and £50,000 and the government will guarantee 100% of the loan. There won’t be any fees or interest to pay for the first 12 months as the government works with lenders to agree a low rate of interest for the remaining period of the loan.

Top-up to local business grant funds scheme

An additional fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.

This additional fund is aimed at small businesses with ongoing fixed property-related costs. Priority beneficiaries will include businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.

Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.

We are currently awaiting the official Treasury guidelines before we can determine which businesses are eligible for support, as soon as we receive further information we will publish the likely beneficiaries on our website and be in touch with those we have already identified.

If you have already completed an application for the previous Treasury grants, there is no need to send us another form.

Appeal for PPE

We're appealing for businesses who may have access to PPE for our front line workers, specifically gowns and coveralls.

If you can help in anyway please email COVIDdonations@hantsfire.gov.uk 

Crestwood school are still looking for materials to continue making visors and tension straps for the NHS. They are still in need of more 0.5mm Polypropylene sheet and A4 clear acetate sheet 200 micron. If you or your company has any of the listed materials please get in touch with alan.haymer@icloud.com.

Businesses open in the Borough

Many businesses across the Borough have updated their trading details and opening hours as a result of the coronavirus pandemic.

If under the coronavirus lockdown guidelines a company is in the position to open or continue trading it might be with a slightly amended service or opening hours.

In Eastleigh centre there are a range of shops and businesses still operating, a full list is available here and will be updated regularly.

Pay it Forward fund

The Solent LEP Pay it Forward fund provides support for existing micro and small businesses seeking to cope during challenging trading conditions as a result of the coronavirus pandemic

The Solent LEP is offering the fund to projects that can demonstrate how they will help a business cope with current challenging trading conditions. With a maximum pledge of up to £2,000 per micro business (fewer than 10 staff) and up to £5,000 per small business (fewer than 50 staff) available, they will contribute up to 50% towards the total target. 

For more information please contact the Solent Growth Hub team or call 02392 688055.

Platform 4 Business is a free online service provided by the Borough Council’s Eastleigh Business Centre, based at Wessex House. 

The service is available to help companies with advice and information, which Borough businesses may find particularly useful during this current period of uncertainty.

FSB Response to COVID-19

The Federation of Small Businesses (FSB) are holding one-hour sessions for small businesses to form a virtual community, by taking part in fortnightly online networking. Sessions are free and all small businesses in the Borough are welcome to attend. Places are limited so booking is essential.

Friday 15 May 9am to 10am book here
Friday 29 May 9am to 10am book here

FSB continue to lobby government about the gaps in the various schemes and the difficulties many businesses are still facing. They have created a survey for businesses to take part in, they hope this will help paint the necessary picture about the current situation. The survey is available here  

Useful links for businesses

Businesses can access government support here

Guidance for employers and businesses about COVID-19

The UK government announced a new government-backed microloan scheme to support UK businesses facing difficulties obtaining credit - find out more here 

The Department for International Trade (DIT) has launched a COVID-19 webinar series to help UK SMEs. 

Webinars are hosted by International Trade Advisers and feature expert speakers from the Federation of Small Businesses and Freight Transport Association (FTA).

5 webinars include:

• Managing disruption of supply chains during COVID-19
• Logistics and movement of goods during COVID-19
• Managing overseas agents and distributions during COVID-19
• Risk management when considering new markets
• Routes to Market

Register now

Webinars from Solent LEP

Scaling your brand during Covid-19
13 May ¦ 10:00- 11:00AM