Our Response to Coronavirus (COVID-19)
With coronavirus (COVID -19) continuing to affect the operations of businesses and their employees, Anderson Anderson & Brown LLP and its associated entities want to make sure we are keeping our clients and other concerned parties up to date with helpful information and advice as your circumstances change.
This page serves as a hub for all of our COVID-19 responses, including useful tools, guidance, access to support and general updates. If you have any questions at all, please do get in touch with your usual AAB contact or our dedicated COVID-19 support team at covid19support@aab.uk.
COVID-19 Financial Assistance Toolkit
Please answer the questions below to allow us to help you.
Does your business qualify for Small Business Rates Relief (England), Small Business Bonus Scheme (Scotland) or Rural Relief?
- Yes
- No
A cash grant of £10,000 is available for businesses who qualify for Small Business Rates Relief (England), Small Business Bonus Scheme (Scotland) or Rural Relief. Businesses who qualify should contact their local authority – although if you to meet the criteria, the local authority should contact you directly.
As of 5 May 2020, Scottish Companies can apply for grants for each additional property that meet the criteria, at a reduced amount of £7,500. Applications for the secondary grants will be available from your local authority.
Further information from the UK Government can be found here www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses and from the Scottish Government can be found here: www.mygov.scot/non-domestic-rates-coronavirus/
Click here to explore the other financial assistance measures available.
A cash grant of £25,000 available for hospitality, leisure, and retail properties with rateable value of less than £51,000 (but above £18,000 in Scotland or £15,000 in England). Applicable businesses should contact their relevant local authority to request the cash grant.
As of 5 May 2020, Scottish Companies can apply for grants for each additional property that meet the criteria, at a reduced amount of £18,750. Applications for the secondary grants will be available from your local authority.
Further information from the UK Government can be found here www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses and from the Scottish Government can be found here: www.mygov.scot/non-domestic-rates-coronavirus/
Click here to explore the other financial assistance measures available.
If you do not have a credit rating, you will not be able to participate in the Covid- Corporate Financing Facility. One potential route to evidencing credit status is for your firm or your bank to get in touch with one of the major credit rating agencies to seek an assessment of credit quality in a form that can be shared with the Bank of England and HM Treasury, noting that you are doing so because you wish to use the Facility.
Further details of the scheme can be found on the Bank of England website here: www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility.
Our COVID-19 Support team would also be happy to discuss your financing needs and work with you to prepare for discussions with lenders.
Please do not hesitate to contact us:
Your business may be eligible to receive financing through the Coronavirus Business Interruption Loan Scheme (“CBILS”), details of which can be found here: blog.aab.co.uk/coronavirus-business-interruption-loan-scheme-cbils.
In the first instance, speak to your incumbent bank for assistance on possible funding measures, although our COVID-19 Support team would also be happy to discuss your financing needs in more detail, assess whether you would be eligible for CBILS, and work with you to prepare for your borrowing proposal and discussions with lenders.
Please do not hesitate to contact us to discuss further:
If your business makes a material contribution to the UK economy (i.e. UK headquartered or with genuine business operations in the UK, and with significant UK employment), with a strong credit rating, then you may be able to participate in the Covid-19 Corporate Financing Facility, which helps larger firms bridge disruption to cash flows through the purchase of commercial paper. If you think you may be eligible, you will need to liaise with your bank, to ensure they issue commercial paper – if they do not, then UK Finance have provided a list of banks that do: www.ukfinance.org.uk/covid-19-corporate-financing-facilities.
Our COVID-19 Support team would also be happy to discuss your financing needs and work with you to prepare for discussions with lenders.
Please do not hesitate to contact us:
Your business would likely to be able to receive financing from funders outside of the CBILS as it has adequate security for an additional facility – where a lender can provide finance without using CBILS, they will. In the first instance, speak to your incumbent bank for assistance on possible funding measures.
Our COVID-19 Support team would also be happy to discuss your financing needs and work with you to prepare for discussions with lenders.
Please do not hesitate to contact us:
A cash grant of £10,000 is available for businesses who qualify for Small Business Rates Relief (England), Small Business Bonus Scheme (Scotland) or Rural Relief, and who’s property’s rateable value is under £18,000 in Scotland or £15,000 in England. Businesses who qualify should contact their local authority – although if you do meet the criteria, the local authority should contact you directly.
Further information from the UK Government can be found here www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses and from the Scottish Government can be found here: www.mygov.scot/non-domestic-rates-coronavirus/
Speak to your incumbent bank for assistance on possible funding measures they can provide you.
Our COVID-19 Support team would also be happy to discuss your financing needs and work with you to prepare for discussions with lenders.
Please do not hesitate to contact us:
If the business’ recent financial performance has been poor then it may not be eligible for the Coronavirus Business Interruption Loan Scheme, unless it can demonstrate an adequate explanation for this downturn, and present a credible plan to show stronger future financial performance. In the first instance, speak to your incumbent bank for assistance on possible funding measures.
Our COVID-19 Support team would also be happy to discuss your circumstances and financing needs and work with you to prepare for discussions with lenders.
Please do not hesitate to contact us:
Your business may be eligible to receive financing through the Coronavirus Large Business Interruption Loan Scheme (“CLBILS”).
In the first instance, speak to your incumbent bank for assistance on possible funding measures, although our COVID-19 Support team would also be happy to discuss your financing needs in more detail, assess whether you would be eligible for CLBILS, and work with you to prepare for your borrowing proposal and discussions with lenders.
Click here to read our full overview of CLBILS.
Please do not hesitate to contact us to discuss further:
If your business has been impacted by the COVID-19 pandemic, was not a business in difficulty at 31 December 2019 and has not already received a loan of over £50k through the CBILS, your business may be eligible to receive financing through the Bounce Back Loan Scheme.
In the first instance, speak to your incumbent bank for assistance on possible funding measures, although our COVID-19 Support team would also be happy to discuss your financing needs in more detail, assess whether you would be eligible for a Bounce Back Loan, and work with you to prepare for your application and discussions with lenders.
Click here to find out more about Bounce Back Loans.
Please do not hesitate to contact us to discuss further:
Click here to explore the other financial assistance measures available.
Your business may be eligible to receive a grant through the Pivotal Enterprise Resilience Fund, which aims to support businesses that are vital to the local, regional or national economy of Scotland, and that also have the potential to continue trading and supporting employment, but are currently suffering from immediate cash flow challenges, get back up and running or maintain current operations.
The fund is managed by the Enterprise Agencies, and pre-application needs to be completed before applying to one of the Agencies for a grant. The amount of each grant is decided on a case-by-case basis, however, grants over £150k will require sign off by the Scottish Government.
Click here to find out more about the fund, what is classed as a pivotal business, and the application requirements.
Please do not hesitate to contact us to discuss further:
Click here to explore the other financial assistance measures available.
Our COVID-19 Support Team
Lyn Calder
Managing Partner – Edinburgh and Head of Deals Central Belt
Corporate Finance
Jill Walker
Private Client Director
Private Client Tax, Business Advisory Services, Entrepreneurial Taxes
