COVID-19 Help & Advice
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COVID-19: Financial Support For Business – 6th May 2020

If you are unsure of what you could be entitled to and would like to speak to someone, please email help@erewash-partnership.com at anytime. We’re here to help.

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Please find below the latest support guidance:


Working safely during Coronavirus (COVID-19)

The Government, in consultation with industry, has produced guidance to help ensure workplaces are as safe as possible. The 8 guides cover a range of differnent types of work to help employers, employees and the self-employed understand how to work safely during the coronavirus pandemic.
Further information can be found here:-
https://www.gov.uk/guidance/working-safely-during-coronavirus-covid-19


Our plan to rebuild: The UK Government’s COVID-19 recovery strategy

The Government’s plan to rebuild can be viewed here:-

https://www.gov.uk/government/publications/our-plan-to-rebuild-the-uk-governments-covid-19-recovery-strategy/our-plan-to-rebuild-the-uk-governments-covid-19-recovery-strategy


Coronavirus Job Retention Scheme – Update

As it stands currently until the end of July, there are no changes to the Scheme and the rules still apply. However, from the beginning of August to October 2020, the Scheme will continue on the basis that furloughed employees can be brought back part-time

Full details will be published by the end of May 2020.

Further details can be found here:- https://www.gov.uk/government/news/chancellor-extends-furlough-scheme-until-october


COVID -19 Plan of Action

Essentially there are three phases that the business will go through. Stabilise which covers the immediate actions that needed to be taken at the start of the pandemic. Sustain covers the next steps that should be taken to keep the business going in whatever form. Rebuild which is the stage that many businesses will now be looking at in terms of how do we move forward to what is now considered to be the “new normal”. Below is what I consider to be a useful check list put together by one of the companies that has been supporting the Growth Hub.

Stabilise

  • Can you safely operate and maintain safe working conditions for your staff?
  • What can you expect to earn at the moment operating as ‘normal’? – be brutally honest
  • Cut ANYTHING that is not absolutely essential
  • Cashflow forecast – take a particular focus on overheads for the past 3 months and identify any non-essential expenditure
  • Reduce any fixed and variable costs you can – work with your accountant and legal team
  • Scenario plan for different time periods of lockdown to calculate how much cash you might need to survive
  • Minimise working capital by closely managing at what is due out, what is due in and stock levels
  • Speak to your bank manager and any other finance providers to see what options you have available to you. Could refinancing assets release some cash?
  • Conduct a weekly risk assessment of your customers and suppliers – Have any of your customers requested time to pay and do you know if any of your customers are in trouble and might be unable to pay? – Have your customer needs changed and can you adapt and respond? – Are any of your suppliers in trouble or are supplies being diverted to larger companies or to supply the front line? – Are you paying the correct amount for supplies? Take advantage of discounts if you can • Balance finance and customer service
  • Do you need to drive down stock levels so cash isn’t tied up or secure additional stock as a buffer against supply chain disruption?
  • Do you have perishable products or finished work that could be used to raise cash?
  • How will stock reduction impact on production and customer service? Add demand planning into your scenario planning and factor in the upstream and downstream impact of your actions.
  • Where possible renegotiate payment times/terms – whilst maintaining supply chain relationships– work together
  • Manage outstanding invoices with customers – work together and ensure the basics are correct at your end – correct and prompt invoicing with clear terms and conditions
  • If you need to generate cash quickly explore financing options such as factoring, or spot financing or discounts for customers able to pay quickly
  • If supply chains are disrupted do you have alternate suppliers?
  • Check your business insurances to see what is covered under business interruption

Sustain

  • Could you adapt to continue trading safely?
  • What alternative options might be open to you – e.g. home delivery, remote working or virtual services
  • Use a business model canvas to think about how to adapt
  • What equipment might you need to allow you to adapt and can you borrow it from a stakeholder?
  • Start to think who in this crisis might need your skills/knowledge/expertise/equipment and staff
  • Who in your supply chain/customer base/network could help you?
  • Could you second staff who might otherwise be furloughed or at risk to another organisation that needs their skills/experience
  • How could you diversify?
  • Keep in touch – ensure that you keep in touch with your clients and suppliers – let them know what you are up to
  • Get marketing – be active on social media, highlighting your positive approach to the crisis
  • Reach out – communicate with customers and suppliers

Rebuild

  • Coming out of lockdown will be a gradual process so you will need to plan how you can meet your customer’s needs with some restrictions still in place – How will you start to return/reopen safely? – What staff and structure will you need? – What worked well during lockdown that you can learn from and build into your operation going forward
  • Share your vision with your team and seek their input
  • Ensure you have everything in place to allow staff to work safely
  • Will your staff need any refresher training particularly in relation to processes that are health and safety critical
  • How will you ‘relaunch’ – plan a communication and marketing strategy to let your customers know
  • Set some goals and targets and work backwards from there
  • Check your supply chains are secure
  • Team building – vital after a prolonged break especially where some have been furloughed and others not
  • Check all your terms and conditions and contracts are still up to date
  • Future Resilience
    • Build a plan for future lockdowns or Black Swans
    • Ensure you can access key data and documents off site
    • Check your insurances
    • Have a recovery plan that staff are part of
    • Practice your plan once a year and review
    • Complete a resilience checklist

General Guidance for Businesses:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses


Coronavirus Bounce Back Loan: –
To help small and medium-sized businesses affected by COVID-19.

To apply for loans between £2,000 and £50,000. Details here:

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan


Job Retention scheme:

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme


Information for the self-employed:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme


Business Interruption Loan Scheme:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/


The Partnership would like to gather feedback from local businesses about the impact of COVID-19 – please let us know brief details of any problems / impact that you are experiencing. We will feed this intelligence through to Growth Hub, Local Government partners and Maggie Throup MP.

If you can offer specific support for fellow members, please let us know and we will be happy to post information on the news section of our website.

If you would like to talk to us about this support, please call us on 0115 946 8839.


New staff needed for health and care roles during COVID-19

Please click the following link for further information https://joinedupcareers.co.uk/news/news/new-staff-needed-health-and-care-roles-during-covid-19

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