Daily Update

5th of June 2020

Trade Credit Insurance backed by £10 billion guarantee

Trade Credit Insurance, which provides essential cover to hundreds of thousands of business-to-business transactions, will receive up to £10 billion of government guarantees.

  • The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK.
  • The guarantees will support supply chains and help businesses during the coronavirus pandemic to trade with confidence, safe in the knowledge that they will be protected if a customer defaults or delays on payment.
  • The scheme is available on a temporary basis for nine months, backdated to 1 April 2020, and available insurers operating in the UK market.

Please see further information here.

 

As per the Chancellor’s announcement, the Self-Employment Income Support Scheme will be extended – with those eligible able to claim a second and final grant capped at £6,570. 

In addition, the Chancellor also outlined further details on the extension of the Coronavirus Job Retention Scheme, including improved flexibility to bring furloughed employees back part time in July, and a new taper requiring employers to contribute modestly to furloughed salaries from August.

Please note that both schemes are UK wide.

Full details of the announcement can be found here – https://bit.ly/CJRS_SEISSUpdate – which includes a new factsheet for both schemes. 

Reminder: Working safely during coronavirus (COVID-19) business webinars – find out how to make your workplace COVID-secure

Join a free webinar, hosted by the Department of Business, Energy and Industrial Strategy, find out more about how to make your workplace COVID-secure. The webinars cover a range of different types of workplace settings which are allowed to be open in England. You can also find the full written guidance for a range of different types of work and practical actions for businesses to take based on 5 main steps here.  

Recorded business videos and webinars are available on a range of topics. You can find links to them here.

Click here to read the U.K. Governments latest Coronavirus update 

The Prime Minister set out a timeline for retail to reopen from 1st June and further guidance has been published for how to operate safely to protect staff and customers. 

Full details of the announcement can be found here: https://bit.ly/RetailTimeline.

Guidance for reopening can be found here: https://bit.ly/UpdatedRetailGuidance.

Key details to note:

  • Outdoor marketsand car showrooms will be able to reopen from 1 June, as soon as they are able to meet the COVID-19 secure guidelines to protect shoppers and workers. As with garden centres, the risk of transmission of the virus is lower in these outdoor and more open spaces. Car showrooms often have significant outdoor space and it is generally easier to apply social distancing.
  • All other non-essential retail including shops selling clothes, shoes, toys, furniture, books, and electronics, plus tailors, auction houses, photography studios, and indoor markets, will be expected to be able to reopen from 15 June if the Government’s five tests are met and they follow the COVID-19 secure guidelines, giving them three weeks to prepare.
  • Businesses will only be able to open from these dates once they have completed a risk assessment, in consultation with trade union representatives or workers, and are confident they are managing the risks. They must have taken the necessary steps to become COVID-19 secure in line with the current Health and Safety legislation.

Please do join a free webinar, hosted by the Department of Business, Energy and Industrial Strategy, to find out more about how to make your retail workplace COVID-secure.

Thursday 28 May, 11am: Shops and branches – Guidance for people who run shops, branches, stores or similar environments.

Full details of upcoming webinars can be found here: https://bit.ly/BEISWebinars

Requests for Business Intelligence and Support

Offer coronavirus support

Tell us how your business might be able to help with the response to coronavirus by using our online service.

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Let us know how the outbreak is impacting your business.  Please send your intelligence, including information and feedback on the safer workplace guidance, to intel@beis.gov.uk. Commercially sensitive information will be treated accordingly.  Please note that this inbox is only for receiving intelligence and does not provide business advice.  

Help us shine a light on the stories of key workers 

Tell us about key workers you know that are helping to keep the UK moving during the Coronavirus pandemic. Please fill in this online form for key workers in the following sectors: manufacturing, construction, consumer goods, scientists/researchers, servicing, postal workers, and  oil/gas/electricity/water/sewage/chemical workers. 

Reminder about Coronavirus Statutory Sick Pay Rebate Scheme

From Tuesday 26 May 2020, small and medium-sized employers, with fewer than 250 employees, will be able to apply to recover the costs of paying coronavirus-related Statutory Sick Pay (SSP) payments they have made to their employees.  

Employers will be able to make claims to the Coronavirus Statutory Sick Pay Rebate Scheme through a new online service as from 26 May. Employers will receive repayments at the relevant rate of SSP that they have paid to current or former employees for eligible periods of sickness starting on or after 13 March 2020. 

HMRC has published online guidance which includes information about who can use the scheme and the records employers must keep. Click here to find out more.

Weekly Roundup of Covid-19 Updates

1) BEIS working safely webinarshttps://bit.ly/BEISWebinars
Following on from the government’s recent publication of workplace guidance, produced in consultation with industry, the Department for Business, Energy and Industrial Strategy will be hosting a series of free webinars to help businesses make their workplace COVID-secure.

The webinars cover a range of types of workplace settings that are allowed to be open. Many businesses operate more than one type of workplace, such as an office, factory and fleet of vehicles. You may need to use more than one of the guides/webinars as you think through what you need to do to keep people safe.

Webinars start from Wednesday 27th May and will run until Tuesday 2nd June – for more details and to sign up, please use the link above.

2) Future Fund launchhttps://bit.ly/CV19FFLaunch
The government’s £500 million Future Fund opens for applications today with innovative and high-growth British businesses able to secure investment to help them through the Coronavirus outbreak.

UK-based companies can now apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors as diverse as technology, life sciences and the creative industries.

3) Fast Start Competitionhttps://bit.ly/CV19FastStart
In addition to the Future Fund, Ministers have allocated £40 million through the Fast Start Competition to drive forward new technological advances, and to support innovative start-ups, including a virtual-reality surgical training simulator and an online farmers’ market platform.

This will give companies a vital boost, fast-tracking the development of innovations borne out of the coronavirus crisis.

4) Pick for Britain: Midlands: https://bit.ly/Pick4BritainMids  East of England: https://bit.ly/Pick4BritainEast

As you may have heard in yesterday’s press briefing, the Environment Secretary launched a new ‘Pick for Britain’ website to address the fact that we are likely to only have about a third of our normal labour force for this year’s harvest.

As such, we will need to rely on British workers to lend a hand to help bring that harvest home. Opportunities are available across the UK for those seeking a second job, particularly those that are furloughed.

Working safely during coronavirus (COVID-19) business webinars – find out how to make your workplace COVID-secure

Join a free webinar, hosted by the Department of Business, Energy and Industrial Strategy, to find out more about how to make your workplace COVID-secure.

The webinars cover a range of different types of workplace settings which are allowed to be open. Many businesses operate more than one type of workplace, such as an office, factory and fleet of vehicles. You may need to use more than one of the guides/webinars as you think through what you need to do to keep people safe.

  • Wednesday 27 May, 11am: Factories, plants and warehouses – Guidance for people who run factories, plants and warehouses
  • Wednesday 27 May, 3pm: Restaurants offering takeaway or delivery – Guidance for people who run restaurants offering takeaway or delivery services.
  • Thursday 28 May, 11am: Shops and branches – Guidance for people who run shops, branches, stores or similar environments.
  • Thursday 28 May, 3pm: Vehicles – Guidance for people who work in or from vehicles, including couriers, mobile workers, lorry drivers, on-site transit and work vehicles, field forces and similar.
  • Monday 1 June, 11am: Construction and other outdoor work – Guidance for people who run outdoor working environments.
  • Monday 1 June, 3pm: Labs and research facilities – Guidance for people who run indoor labs and research facilities and similar environments
  • Tuesday 2 June, 11am: Offices and contact centres – Guidance for people who run offices, contact centres and similar indoor environments
  • Tuesday 2 June, 3pm: Homes – Guidance for people working in, visiting or delivering to home environments as well as their employers

Applications for the Coronavirus Future Fund are now open!

Follow the link to learn how to apply. https://bit.ly/3cxPyJL

This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

The funding is subject to at least equal match funding from private investors. 

Trade Credit Insurance: https://bit.ly/CV19TradeCreditInsurance

Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such as manufacturing and construction. It insures suppliers selling goods against the company they are selling to defaulting on payment, giving businesses the confidence to trade with one another.

The government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance, ensuring the majority of insurance coverage will be maintained across the market. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.

Summary of additional Guidance and Announcements from this week.

1) Roadmap Taskforces: https://bit.ly/RoadmapTaskforces

Further details of the five new ministerial-led taskforces that have been set up to develop plans for how and when closed sectors can reopen safely, following publication of the UK’s roadmap to rebuild Britain.

2) Trade Credit Insurance: https://bit.ly/CV19TradeCreditInsurance

The government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance, ensuring the majority of insurance coverage will be maintained across the market. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.

3) Holiday entitlement and pay: https://bit.ly/HolidayEntitlement

An explanation of how holiday entitlement and pay operate during the coronavirus pandemic, where it differs from the standard holiday entitlement and pay guidance. This guidance applies to those that have continued to work as well as those that have been furloughed.  

4) Self-Employment Income Support Scheme: https://bit.ly/SelfEmployedSupport

The Self-Employment Income Support Scheme went live yesterday so self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus can apply for a grant worth 80% of their average monthly trading profits, up to a maximum of £7,500, paid in a single instalment. You can check eligibility using the link above. 

5) Safer Transport Toolkit: https://bit.ly/SaferTravelToolkit

As people are starting to return to work, we have created a Safer Transport toolkit for stakeholders to share to help inform the public on the necessary steps they should be taking to stay safe when they travel using any form of transport. 

The Self-Employment Income Support Scheme is Open for Applications

The Government’s coronavirus support scheme for the self-employed has opened for claims, ahead of the original schedule. Individuals or members of partnerships whose business has been adversely affected by COVID-19 will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.

Applicants will be able to make their claim, based on their Unique Tax Reference number. HMRC has assigned eligible self-employed individuals a specific date on which to apply and this can be checked on HMRC’s online checker.

Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:

  • Earn at least half of their income through self-employment.
  • Have trading profits of no more than £50,000 per year.
  • Traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year.

Everyone eligible for the SEISS will be able to receive the grant by 25 May, or within six days of a completed claim.

Click here to learn more.

The Chancellor has announced that the government’s Coronavirus Job Retention Scheme will remain open until the end of October.

Full details of the announcement can be found here: https://bit.ly/CJRSExtension

Key details to note:

  • Furloughed workers across the UK will continue to receive 80% of their current salary, up to £2,500.
  • From August, furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff.
  • The employer payments will substitute the contribution HMG is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month.

The U.K. Government has now published guidance to help employers, employees and the self-employed understand how to work safely during the Coronavirus pandemic.

The guidance has been broken down into the following categories:

  • Construction and Outdoor work
  • Factories, Plants and Warehouses
  • Labs and Research Facilities 
  • Offices and Contact Centres
  • Other people’s homes
  • Restaurants offering delivery or takeaway
  • Shops and branches
  • Vehicles

Click the link to see a detailed category breakdown.