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Cows & Money: COVID-19 Update

Welcome to this edition of ‘Cows & Money’. Times have certainly changed, seven weeks of lockdown has seen many businesses have to change how they operate, or simply not operating at all. Fortunately for many farmers little has changed, other than seven weeks of dry weather, even in Cumbria. 

This doesn’t disguise the fact however that the closure of food service outlets has left some farmers, in all sectors, without a market. These businesses are suffering badly but we are now getting some help, links below, that should assist those who find themselves with cash flow issues.

This week sees the launch of the ‘Self-employment Income Support Scheme‘, providing similar support to the self-employed that the furlough scheme gives to employees.

We are also seeing the benefit of the ‘Bounce Back Loan‘ system, which offers a fast track application for loans of up to £50,000 which are interest free for the first 12 months. We are aware of businesses that have had cash in the bank within 24 hours of their application

For larger businesses there is the potential to access the ‘Coronavirus Business Interruption Loan Scheme‘, although this has far more hoops to jump through, as viability and serviceability become key issues.

We will also have dairy grants available for some of the worst affected businesses, possibly worth up to 4ppl for a 1.5million litre producer, unfortunately you have to have lost probably twice this amount to qualify.

And remember there is also rate relief and grants, in England, Scotland and Wales, for those that have a property with a rateable value but pay little or no business rates.

All of the above will alleviate some short term issues, however today also sees the Agriculture act which will impact on longer term plans.

Whilst we are all living through extraordinary times the Dodd & Co team are all still here to help if you need assistance with your business or with any of the above schemes.

Take care,
All at Dodd & Co

 

Please click here to go back to advice on other Government measures in response to the coronavirus pandemic.

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May 28

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