Upcoming changes to the Coronavirus Job Retention Scheme
As the Chancellor of the Exchequer, Rishi Sunak MP prepares to announce changes to the Coronavirus Job Retention Scheme, take a look at Adam Marshall’s response stating that changes should be gradual, fair to employers paying an appropriate share of wages, and balanced to help firms redevelop revenue. We will provide further updates when the changes are announced later this week. Please share with your members on social media.
Changes to Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The changes to CLBILS announced by HM Treasury on 19 May have now come into effect. As you will be aware, CLBILS facilitates access to finance for mid-sized and larger businesses with a group turnover of more than £45m affected by the Coronavirus outbreak.
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The maximum amount available through CLBILS to a borrower and its group has now increased from £50m to £200m. |
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Term loans and revolving credit facilities over £50m will be offered by CLBILS lenders which have secured additional accreditation. |
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The maximum size for invoice finance and asset finance facilities remains at £50m. |
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Companies borrowing more than £50m through CLBILS will be subject to further restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. |
As a result, larger firms which do not qualify for the Bank of England’s Covid Corporate Financing Facility will be better able to access enough finance to meet their cashflow needs during the outbreak.
Take a look at further information on changes, including new provisions on seniority of CLBILS facilities, on the British Business Bank website.
Coronavirus Statutory Sick Pay Rebate Scheme is live
Employers across the UK with fewer than 250 employees can now claim for Coronavirus-related Statutory Sick Pay (SSP). Tax agents are also able to make claims on their behalf. The repayment will cover up to two weeks of the applicable rate of SSP. See more information on eligibility and how to make a claim and share with your members.
OTHER NEWS:
Next phase of working with you
Over the past 9 weeks, the BCC team has been supporting you and your members through the Coronavirus outbreak. As we continue to move out of lockdown in the UK, we are making some small changes to our ways of working effective from Monday 1 June. This will see us move away from the daily communications which were crucial during the immediate crisis, to longer-term ways of working.
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The BCC press team will provide key messages to Chamber CEOs at the start of every week. These will remain the key messages throughout the week until a further update is issued.
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A Bi-weekly Update will be issued by mid-morning every Tuesday and Thursday.
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Continuing every Monday, Wednesday and Friday at 11.00am. Calls on Mondays and Wednesdays focus on live issues and feature relevant guests once a week. Calls on Fridays will be exclusively focused on the future of the Chamber Network.
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UK Chamber virtual roundtable
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Continuing on a monthly basis, please add the upcoming dates to your diary.
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Occurring on Thursdays every two weeks with two sessions to cover most time zones. From mid-June these will move to once per month.
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Chamber Board members call
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Occurring every two weeks, with two sessions (UK Chambers on Wednesday and international Chambers on Friday). From mid-June these will move to once per month.
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Occurring every week on a Wednesday 8.30am (GMT). Open to events teams from UK and International Chambers.
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Commencing every Tuesday at 8.30am (GMT) for UK and International Chambers.
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Market impact and developments virtual meeting
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Every two weeks until September (alternate to regular international calls). Open to UK and International Chambers, these calls will focus on different markets per session as they move from lockdown to exit.
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Working safely during Coronavirus – shops and branches
The Prime Minister has set out a timeline for retail to reopen next month. The Department for Business, Energy and Industrial Strategy (BEIS) has published further guidance for the sector on how they can reopen and operate safely to protect their staff and customers. Please circulate the guidance to your members and share the messaging with this toolkit of digital assets.
A reminder about scams
A reminder to you, your colleagues and your members to stay vigilant about scams which may mimic government messages as a way of appearing authentic and unthreatening. Review the information on how to recognise genuine HM Revenue and Customs (HMRC) contact and how to avoid and report scams. Suspicious emails claiming to be from HMRC can reported by email. Please share with your members.
