Make it Ealing has been working with Ealing council on the borough-wide COVID-19 Survey, which is ongoing so please have your say here.
The purpose of the survey is to gauge how businesses are coping and to start implementing free guidance and assistance strategies for businesses who have been catastrophically impacted by COVID-19. . Cllr Julian Bell Leader, London Borough of Ealing, and Cllr Jasbir Anand Cabinet Member for Business & Community Services have written to Rt Hon Rishi Sunak MP Chancellor of the Exchequer. They have sent an analysis of the data collected so far, to ask Government for more support for SME's. Ealing has almost 6,500 SME business ratepayers that are not eligible for any grant support, yet the current situation has severely impacted them. Nearly 1,800 self-employed people within limited company structures do not qualify for the Self-employment Income Support Scheme, and 440 businesses in the creative, arts and cultural sectors do not qualify under the current guidelines. The letter highlights' • 47% of businesses have temporarily closed, with only 1% operating as usual. • 13% have already made redundancies and further 6.5% in the process of doing so. • 42% are suffering significant supply chain disruption, with 24% not confident of managing as a result. • 56% are very or extremely concerned that they won't survive in the short term (less than 6 months). • 50% are very or extremely concerned that they won't survive in the longer term (more than 6 months). • 44% require immediate emergency assistance, evidenced by the fact that 40% of respondents were not eligible for any support in terms of rate relief or grant. Leaders from Ealing council have outlined a further seven measures for urgent consideration to protect our SME's. 1. Raise the rateable value thresholds for the Small Businesses Grant Fund (£15,000 currently) and the Retail, Hospitality and Leisure Grant Fund (£51,000 currently) for businesses in London boroughs, so that small businesses and those in impacted sectors in London where property values and rateable values are higher, have access to grants. 2. Expand the provision of business rates relief and grants to businesses who are currently not eligible but are suffering as their income and turnover is directly linked to the Retail, Hospitality, Arts and Cultural, Recreation and Entertainment sectors. 3. Extend the Self-employment Income Support Scheme by increasing the qualifying thresholds for self-employed individuals and including individuals operating in a limited company structure. 4. Extend business rates relief to include all workspace providers and stipulate that workspace providers pass on this saving to their tenants. Allow tenants of workspaces who do not currently qualify for Small Business Rate Relief to apply for the £10,000 grant that other micro businesses and SMEs are able to access. 5. Bring greater levels of consistency and regulation into the commercial landlord sector to provide certainty to businesses who cannot afford to pay commercial rents during this time. 6. Extend the Coronavirus Business Interruption Loan Scheme by raising the 80% Government underwriting to 100%, which could be capped at £50,000 and decide on a universal interest cap so lenders do not negotiate loans on commercial terms. 7. Amend the Business Improvement Districts (BIDs) Regulations 2004 to allow BIDs to lower levy rates during 2020/21. Develop a system to subsidise and reduce BID levy payments, which could include paying the levies of businesses that are eligible for business rates relief and/or create a Coronavirus BID Grant Scheme so BIDS in most dire need can apply for funding to maintain basic operations during 2020/21. You can read the letter in full here.
We are working closely with Carol Sam, Economic Regeneration Manager for Ealing council; she also sits on the Make It Ealing BID Board so we will keep you updated with developments. |