FAQs

We have not faced the current situation before and there are so many questions and we want to bring FAQ’s

Government has asked banks to be understanding to both businesses and individuals in light of these issues and are by and large following that advice.  While only repayment holidays are being offered for mortgages at present, this may extend to other debts in the future, but it is advisable to discuss repayment plans with creditors as soon as possible.

Similarly, liaise with suppliers and utility providers to agree more favourable payment terms.

HMRC has also set up a special helpline for businesses concerned they may be unable to make payments and is deferring tax payments. The number is: 0800 0159 559

Failing those measures, financial support is available through government backed finance, and grants for small businesses.

Some large organisations, including some supermarkets, have announced that they are taking steps to pay suppliers as soon as possible as they appreciate the pressures many companies are facing.  It may also be worth speaking with debtors who may be able to pay early, or indeed could be in the same situation and to coordinate a mutually beneficial plan.

A : Employers do not need to pay or top up the additional 20% and is purely discretionary by the company.

 

If you complete the online grant form again on SMBC website this will inform you of the progress of your application. 

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