Updated Covid 19 Small Business Support from Cabinet Office

ByMandie

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A number of announcements to draw your attention to today…

1. Coronavirus Bounce Back Loans
The Bounce Back Loan scheme is now open for applications. Key details:

  • Businesses can borrow between £2,000 and £50,000.
  • The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
  • Loan terms will be up to 6 years.
  • The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
  • The scheme will be delivered through a network of accredited lenders

Details on how to apply are here: https://bit.ly/BounceBackLoanApply

Please do share the HMT launch tweet through your network: https://bit.ly/BounceBackLaunch

2. Small Business Grants
To support eligible businesses in England to access the small business grants, BEIS have created a toolkit with regional graphics and messaging. 

Use the following links with any social media activity:

East Midlands: https://bit.ly/3aX6N5Y

West Midlands: https://bit.ly/2yZQtEi

East of England: https://bit.ly/3f96lFi

A new discretionary fund has also been announced, which will help small businesses with ongoing fixed property related costs. Please find further details here: https://bit.ly/BizGrantTopup.

Businesses can check eligibility using the financial support checker tool: https://bit.ly/CVCheckerTool

3. HMRC Tax credits

Tax credits customers will continue to receive payments even if working fewer hours or furloughed due to COVID-19. Please find further details here and circulate amongst your employees: https://bit.ly/TaxCreditsPN.

4. HMRC Self-employment eligibility tool
This week HMRC will start 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.

Customers can claim if they’re a self-employed individual, or a member of a business partnership, their business has been adversely impacted by coronavirus.

Customers can check eligibility using the self-employed checker tool: https://bit.ly/SelfEmployTool

Please do share this HMRC tweet through your network: https://bit.ly/SEISSTweet

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