May 2020: Issue 10
Bounce Back Loan Scheme Open Today
Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the cash expected to land within days.

  • small businesses will be able to apply for quick and easy-to-access loans from today
  • businesses will be able to borrow between £2,000 and £50,000 with the cash arriving within days
  • loans will be 100% government backed for lenders, and businesses can apply online through a short and simple form
  • The government will provide lenders with a 100% guarantee and cover the cost of any fees and interest for the borrower for the first 12 months.
  • No repayments will be due during this period to enable firms to get back on their feet.

Thousands of small firms and sole traders will be eligible for 100% government-backed Bounce Back Loans to help them make it through the coronavirus outbreak.

From 9am this morning, small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.

The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.
Self Employment Income Support Scheme Checker
The 'Self Catering Support Grant Scheme' will be available to people who are registered self employed or in a partnership, and your business has been adversely affected by the recent outbreak.

You will need your:

  • Self Assessment UTR 
  • National Insurance number 
  • Government Gateway user ID and password to registered your contact details.

if you are eligible you will be given the date and time when you will be able to claim. You can then provide contact details so you can be informed when the online system becomes available to you.
NFU 'Home & Lifestyle' Policy Changes
If members are a Policy Holder with NFU Mutual under a 'Home & Lifestyle Policy', you should check with your agent to discuss whether you are now eligible under 'loss of income' from infectious diseases clause if this clause is included in your policy.

This recent change in position MAY mean that your claim could be considered. The following clarification from the NFU Mutual regarding this change in position is:

  1. This only applies to existing H & L customers with a current policy
  2. It is only a one-off response to assist during the crisis at subsequent renewal Covid will be excluded by endorsement .
  3. All potential claimants will be expected to apply for Government assistance first
  4. All potential claimants will be expected to provide accounts to quantify any claim showing previous two years bookings .
  5. New policy with NFU Mutual going forward will have the exclusion on too .

This won't apply to everyone as it will be dependent on certain terms in your policy but it is worth checking again if you hold this policy with the NFU Mutual and you have not already received government assistance.
Small Business Rate Grant Scheme – Self Catering Owners Update
Ceredigion Council

We understand from members in Ceredigion that Ceredigion Council have started to pay the Business Rate Grant to businesses which is good news.

We are concerned however that some members may not have completed and submitted the additional declaration form as they did not meet all three of the revised criteria.

Our recommendation is that you do complete and submit the declaration and state in your email any additional evidence that could support your claim - even if you have failed to meet one of the criteria.

For instance if you are a Visit Wales graded business and MWT member them it can do no harm to mention this in your submission. The Small Business Rate Scheme is a 'Discretionary Award' which means the Council can decide to pay the grant if a case is made.

Gwynedd Council

All self-catering accommodation owners in Gwynedd should have received an e-mail message from the Council on 29 or 30 April explaining the next steps.

If your property has never been a domestic dwelling, please let the Council know as soon as possible. If it has been the Council will ask you to reply to the email message attaching:

  • Evidence of two years of trading accounts directly preceding the current financial year of the business
  • Evidence that the self-catering accommodation has been actually let for a period of 140 days or more in the financial year 2019-20

If you have submitted a grant application and have not seen the message, please check your "spam” folder or contact with Gwynedd Council directly.
Discussion Point - What's Our 'New Normal?'
Over the past few weeks we have started the conversation around ‘what comes next’ for tourism in Wales, what will be our ‘ new normal’, and how can we help to protect our business owners, their staff, the visitors and the local community once restrictions start to loosen.

This is a very complex issue and one which will we know is being had at a UK level between Visit Wales, Visit Scotland, Enjoy England and Tourism Northern Ireland.

What we do know, is that businesses will need to adapt, there will be a requirement for businesses to be flexible and to fully understand the regional or local requirements which no doubt be implemented for our sector.

At MWT we want to reassure you that with your support, MWT will be here to support you and your businesses every step of the way.
Reviewing Your Outgoings
We know that members will be carefully monitoring essential expenditure whilst your business is closed and we have a few suggestions as to how you can potentially make savings on your monthly outgoings. 

  • Check whether you can switch annual subscriptions to a monthly fee option to help spread the cost

  • Change to a 'Pay as You Go' option if you are paying a fixed monthly fee for services that you are temporarily not using 

  • Review your PDQ machine requirements - if you are out of contract you might consider switching to Mobile Payment solution e.g Stripe.com

Why not share your own suggestions on our MWT Cymru Facebook page.
MWT CYMRU FACEBOOK GROUP

If you haven't already, please make sure you join us on our MWT Cymru Facebook Members Group. There has been a lot of activity over the last few days with members sharing information. This is the fastest way to receive updates as they happen.