Ways to help your business survive the Coronavirus Pandemic

There is no doubt that your business will have been impacted by Covid-19, so here at Diaspora we have collated a range of official business resources designed to help your business weather the storm and come out the other side of this lockdown stronger, more resilient and ready for a new chapter in your business journey.

Help with your Cash Flow

The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments. Click here to find out if you’re eligible and how to apply. 

Help with your business rates

The government has introduced a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. This includes business premises that are mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
  • for assembly and leisure
  • for hospitality, as hotels, guest & boarding premises or self-catering accommodation

If you’re eligible, you will be automatically enrolled by your local authority so you won’t need to take any action.  For more guidance and information on the relief including criteria click here.

Help with paying your employees

The business retention scheme was designed to help you keep employees by offering an 80% grant up to £2500 per employee that is enrolled on PAYE. This is a temporary scheme in place for 3 months starting from 1 March 2020, but it may be extended if necessary and employers can use this scheme anytime during this period. However, its worth noting that employees hired after 28 February 2020 cannot be claimed for in accordance with this scheme. For more information click here.

Supporting Sick Employees

If your employees are compelled to self-isolate for 14 days according to official guidelines due to exhibiting symptoms of Covid-19 or coming into contact with someone who has, you can to reclaim back Statutory Sick Pay. This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19. The government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible

Staying Productive

Communication and trust is key to having a successful remotely based team. Here are our top three picks of software solutions to help you stay connected and adjust to a new way of working:

1. Slack – Communications

2. Trello – Project and task Management

3. Zoom – Video conferencing, great for meetings and can hold a large number of participants.