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Grant Payments and Cabinet Office Update 03.04.2020

 

Update from EDC on Grant Payments

I am aware that a number of you have questions and concerns about the Small Business, Retail & Hospitality Grant.

Eden District Council have asked that businesses complete a short online form to confirm eligibility for each business before they release payments. They are responsible for distributing £27m of grant funds and they need to ensure this money goes to the right businesses, so please go to the following link for full details: https://selfservice.eden.gov.uk/renderform.aspx?t=262&k=964D769EF15050F36DBB9C96DDC7C74C27677BE9

In order to complete your submission you will need your Business Rates account reference.  This can be found on your invoice for business rates from last year.  Please DO NOT call the council to ask for this information – they are unable to provide the details over the telephone due to data protection issues.  Please be understanding – there has been a significant rise in Covid-19 related fraud and EDC are doing their very best to get the money to the right businesses as quickly as possible.

If you do not have correspondence from EDC with your account reference on it (an 8 digit number starting with a 4) then you will need to wait for this year’s invoice to arrive.  These were issued on Wednesday so should start to arrive with businesses any day now.  They are posted via a mail service, so may take a few days to arrive.

Once you have this bill, please use the 8 digit reference number to complete your grant application using the above link.

The invoices are being sent to the contact address EDC hold for you. If this is your business address and your business is currently closed, then I recommend making a trip to your business address early next week to check the post.

EDC have confirmed this morning that the first set of grant applications have been approved and the first batch of payments are being authorised today and will be in the account holders banks on Tuesday.

EDC are working hard to get this done as quickly and efficiently as possible, so please be patient. I understand these are exceptionally challenging times and if BID can do anything to support then please let us know.

Update from the Cabinet Office

“The Government has taken further action to support firms affected by the coronavirus crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger companies.

Extended Coronavirus Business Interruption Loan Scheme (CBILS)
The Government has extended the CBILS 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.

The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The government will continue to cover the first twelve months of interest and fees.

Please find further details here: https://bit.ly/UpdatedCBILS

New Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The new CLBILS will ensure that more firms are able to benefit from government-backed support during this difficult time. It will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million.

Loans backed by a guarantee under CLBILS will be offered at commercial rates of interest and further details of the scheme will be announced later this month.

Please find initial details here: https://bit.ly/NewCLBIL

That’s all for today. If you have updates you’d like me to share with the Penrith community via Discover Penrith channels then please get in touch. I am posting regular updates to Facebook, Twitter and Instagram.

Please keep and eye on www.penrithbid.co.uk for the latest updates from the Cabinet Office or other reputable sources.

We are in this together and we’ll get through it together. Please ask for help if you need it.

Stay safe and stay well

Philippa

 

 

 

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