Home > News > Issue 18: Bid for Bounce Back Loans, HMRC to contact self-employed about support

Issue 18: Bid for Bounce Back Loans, HMRC to contact self-employed about support

12 May 2020

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Covid-19: support for businesses - updated 6 May 2020 

Apply now for a coronavirus Bounce Back Loan

 

The New Bounce Back Loans scheme is now open for applications.

Key Details:

  • 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

For more information and eligibility, click here.

 

£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.

Key details:

 

  • 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 sheme 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

Thursday 7 May - Managing your business during coronavirus: reporting, regulations and tax

Multiple dates - Coronavirus Job Retention Scheme - How to make a claim

Multiple dates - Coronavirus COVID-19 Statutory Sick Pay Rebate Scheme

 

In the news:

  1. GlobalVent breathing life into ventilator design to address global pandemic
    (Cambridge Independent)
  2. Clink of milk bottles returns to Peterborough streets grows during pandemic
    (Peterborough Telegraph)
  3. Accolade for fast growing Wisbech components firm as it creates Covid taskforce
    (Peterborough Telegraph)

 

Business Support Helpline 0300 456 3565

 

Free ACAS webinar 'Coronavirus - an advisory webinar for employers'. Find out more

 

Coronavirus - Support for business

 

Read here for the latest public information and public health advice about COVID-19

 

Read Mayor James Palmer's business blog here

 

Please forward this widely amongst your member companies and networks