Government update 4th May
Published 14:46 on 4 May 2020
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
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. 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:
3. HMRC Tax creditsTax 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
Last updated 14:46 on 4 May 2020