This week we have seen a handful of additional support measures announced for business. These are the 3 key updates you need to know about…
1. Coronavirus Bounce Back Loans
The Bounce Back Loan scheme, which aims to help small and medium-sized businesses who have had their cash flow interrupted by Covid-19 and could benefit from smaller and faster cash injections, is now open for applications. This is a separate scheme to the Coronavirus Business Interruption Loan Scheme.
- 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
2. Top-up to local business grant funds scheme
Please find further details here: https://bit.ly/BizGrantTopup.
Businesses can check eligibility using the financial support checker tool: https://bit.ly/3fb6ubh
3. 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.
You can check your eligibility using the self-employed checker tool here: https://bit.ly/SelfEmployTool
If you’re based in the Liverpool City Region and are in need of advice and support to navigate your business through these difficult times, please contact us via firstname.lastname@example.org to find out how we could support you.