Issue 18: Bid for Bounce Back Loans, HMRC to contact self-employed about support
If you are a Business Membership Organisation, please share this widely amongst your member companies and networks.
Apply now for a coronavirus Bounce Back Loan
- Small and medium-sized businesses can borrow between £2,000 and £50,000
- Access the cash within days
- Apply online via a simple, short form
- 100% backed by government to give lenders assurance
- No repayments, interest or fees for first 12 months
- A flat rate of 2.5% interest thereafter
- Loan terms up to 6 years
- No penalty for early repayment
£617 million top-up to local business grant funds scheme
A discretionary fund has been set up for small businesses in England previously outside the scope of the business grant funds scheme.
- Grants of £10,000 or £25,000
- For small businesses with ongoing fixed property-related costs
- Local authorities are being asked to prioritise businesses in shared spaces, regular market traders and small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council rax rather than business rates.
- Businesses must have under 50 employees and must demonstrate a significant drop in income due to Coronavirus restriction measures.
Local authorities may choose to make payments to other businesses based on local economic need. Local authorities will have discretion to make payment of any amount under £10,000. It will be for councils to adapt this approach to local circumstances. It represents £617 million of additional grant funding and further guidance on the scheme will be issued shortly.
HMRC Self-employment eligibility tool
This week HMRC is contacting customers who may be eligible for the new Self-Employment Income Support Scheme. The scheme will allow customers to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500, equivalent to three months’ profits.
People can claim if they’re a self-employed individual, or a member of a business partnership, if their business has been adversely impacted by coronavirus.
You can also use the self-employed checker tool to check eligibility: self-employed eligibility tool
Reminder: Webinars to support your business
Government departments are hosting free webinars this week to help businesses understand the support available including:
Wednesday 6 May – COVID-19: Impacts and changes to International Trade – THIS WEBINAR HAS ENDED
Thursday 7 May – Managing your business during coronavirus: reporting, regulations and tax – THIS WEBINAR HAS ENDED
Multiple dates – Coronavirus Job Retention Scheme – How to make a claim – THIS WEBINAR HAS ENDED
Multiple dates – Coronavirus COVID-19 Statutory Sick Pay Rebate Scheme – THIS WEBINAR HAS ENDED
In the news:
- GlobalVent breathing life into ventilator design to address global pandemic
- Clink of milk bottles returns to Peterborough streets grows during pandemic
- Accolade for fast growing Wisbech components firm as it creates Covid taskforce
Business Support Helpline 0300 456 3565
Please forward this widely amongst your member companies and networks