Businesses in crisis urged to ‘take action now’

West Lindsey District Council leader Giles McNeill is calling on all eligible businesses to register for support as soon as possible.

And Market Rasen accountancy firm Nicholsons says every business needs to put a plan in place to get through this ‘serious situation’.

Coun McNeill said: “Please don’t wait for a letter to arrive through your door, go on to the council’s website and complete the online declaration form now, the sooner the forms are processed the quicker our teams can do their best to get the money to you once it has been verified.”

Nicholsons director Richard Hallsworth said the impact of the coronavirus was affecting virtually every business.

He said: “There is genuine concern and worry amongst the business community.

“We’ve spent the last few weeks helping clients, some of whom are in a real crisis, find solutions to help them.

“This is certainly one of the most serious situations I have worked through.

“The financial crisis in 2008 affected a large number of businesses. In comparison, the impact of the coronavirus pandemic is affecting just about every business and the intervention by the government is unprecedented.

“Whilst the primary concern of any organisation is the wellbeing and safety of their employees, every business needs to put a plan in place now to ensure there is a sustainable base to operate from as the crisis is navigated and then left behind.

“Business owners need to take action and take it quickly to ensure they protect their businesses.

“Developing a longer-term plan is important but to help deliver it, cash will be needed and therefore protecting it now is vital.”

West Lindsey District Council has been tasked with administering two grant funds on behalf of central government.

The Small Business Grant Fund is available to businesses with a rateable value of £15,000 or less - they are eligible for rate relief under the Small Business Rate Relief (full relief and tapered relief) or the Rural Rate Relief Scheme of £10,000 per eligible business.

The Retail, Leisure and Hospitality Grant Fund of £10,000 is available for businesses whose eligible properties have a rateable value of £15,000 or less.

And £25,000 is available for eligible businesses that have properties with a rateable value of more than £15,000 but less than £51,000.

To find out if you are eligible for help, visit west-lindsey.gov.uk/businessgrants.

Seven-point plan for businesses

Nicholsons Accountants director Richard Hallsworth has drawn up a seven-point plan for Market Rasen businesses affected by the coronavirus.

He is urging the town’s firms to:

1. Put together a 13-week cash flow to help estimate what the future cash position might be.

2. Cancel VAT Direct Debits.

3. Defer PAYE and Corporation Tax payments.

4. Plan to defer self-assessment payments.

5. Consider ‘furloughing’ the workforce through the ‘Job retention scheme’.

6. Apply for a cash grant.

7. Discuss a rent break with the business landlord.

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