Update 17:00 PM Friday 9th October 2020 with new information on the government’s Winter Economy Plan.
We will update this web page on an ongoing basis to link to the latest government advice for businesses relating to Coronavirus (COVID-19), as well as relevant announcements and resources of relevance to the publishing industry.
Please check back regularly for the latest information. Please note the government’s full Winter Economy Plan can be found here.
For the latest information and advice, employers and business owners should visit COVID-19: guidance for employees, employers and businesses. Businesses should check for daily updates and subscribe to receive GOV.UK email alerts to ensure they are acting on the most up to date information.
Please expand the headings below for detailed information on the various guidance and economic support available, as well as relevant updates from various departments.
The Chancellor Rishi Sunak has laid out a series of economic measures to support businesses and individuals through the COVID-19 crisis. These are outlined below and are being regularly updated:
There are two types of loans available:
For large companies, The Bank of England will buy short-term debt from larger companies, allowing companies to support their short-term liabilities as part of their Covid Corporate Financing Facility. This scheme will remain open until March 2021.
The government has extended its Coronavirus Large Business Interruption Loan Scheme (CLBILS) to remain open until 30 November 2020. All firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance and firms with a turnover of more than £250 million will be able to apply for up to £50 million. Loans backed by a guarantee under CLBILS will be offered at commercial rates of interests.
For SMEs, the Business Interruption Loan Scheme will now offer loans of up to £5m with no interest due for the first 12 months. The deadline for these loans has been extended to the end of November 2020.
Small businesses are also eligible for the Bounce Back Loan Scheme for loans of up to a maximum of £50,000 or 25% of turnover, with the government paying the interest for the first 12 months.
For start-ups, the Chancellor has announced a £1.25 billion support package focussed on research and innovation. To qualify to receive the government money, a company must have raised £250,000 privately in the last five years and not be eligible for the other rescue schemes. BBC coverage here.
In September, Chancellor Rishi Sunak announced the Job Support Scheme as part of the government’s Winter Economy Plan.
Following its A-Level exam result U-turn, the government confirmed that all those students who achieved the required grades were to be offered a place at their first-choice university. To support this, the Government also lifted the cap on domestic medicine, dentistry, veterinary science and undergraduate teacher training places. In addition, the government announced teaching grant funding to increase capacity in medical, nursing, STEM and other high-cost subjects.
University campuses and Higher Education institutions are now open for the Autumn term. SAGE have warned of their concern when students return home for Christmas. However, no guidance about students travelling home has been confirmed yet.
In May, the government announced a series of new measures including:
These measures were added to in July by Business Secretary Alok Sharma, with the following financial support package for the HE and research sector. It includes:
Collating information from publishing businesses about the most pressing and urgent issues that you are facing will inform our government lobbying strategy.
We will continue to survey our members to gather business intelligence on how COVID-19 is impacting our industry. If you would like to participate in these surveys, please get in touch with Eliza: email@example.com
We would like to know how publishers found the process of applying for the Culture Recovery Fund. Even if you didn’t apply, your verdict of the support on offer and application process is very useful. Please get in touch with Maeve if you would like to share your experience: firstname.lastname@example.org
The Department for Business, Energy and Industrial Strategy is also seeking business intelligence on how COVID-19 is impacting individual businesses and business sectors. They are welcoming information from businesses on:
You can send your business intelligence to email@example.com. It is understood that individual company information may be commercially sensitive, and it will be treated accordingly.
The Booksellers Association and their members are very grateful for anything publishers can do to promote books and bookselling at this difficult time for high street retailers. You can find social media resources and more information here.
If you have concerns relating to your business or would like to highlight something that you are doing, please get in touch with Maeve or Eliza respectively.