Business News Round Up (27/03/2020)
100% rates relief for heavily impacted sectors
The Scottish Government has confirmed that businesses in the retail, hospitality and leisure sectors and the aviation industries will be aided by rates relief to support them during the Coronavirus outbreak. The new regulations entitles restaurants, pubs, cafes, shops and cinemas to a 100% rate relief for the whole of 2020-21. The rates relief measures are part of the Scottish Government’s £2.2 billion plan to support businesses as they experience the impact of COVID-19. The Scottish Government is working with local authorities to make sure this relief is implemented as soon as possible.
https://www.gov.scot/news/100-percent-rates-relief-for-heavily-impacted-sectors-1/
BEF commits funding to North West firms
The Business Enterprise Fund (BEF) has committed to funding to support North West companies during the Covid-19 outbreak. BEF is an approved delivery partner of the British Business Bank and will provide its funding to support SMEs where needed. The Coronavirus Business Interruption Loan Scheme (CBILS) will facilitate lending to smaller business across the whole of the UK which are experience lost or deferred revenues.
https://www.insidermedia.com/news/north-west/bef-commits-funding-to-north-west-firms
Construction bodies clarify working practices during coronavirus crisis
A new body composed of construction industry organisations has advised firms to close non-essential sites after confusion over government guidance. The Construction Industry Coronavirus Forum (CICV) has issued guidance to companies and employees, stating they should follow advice that all work with the exception of hospital and other critical projects should be put on hold.
Intu Properties seeks help from lenders as it fears having to shut up shop
Intu Properties is holding crisis talks with banks and the Government after its tenants paid less than a third of their rent bill. The shopping centre group, which comprises of the Trafford Centre in Manchester, warned that it would breach the terms on its debt commitments after it received only 29% of rents due from tenants this month, compared with 77% the previous year.