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COVID-19 FUNDING FOR PEOPLE IN BUSINESS
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COVID-19: UK GOVERNMENT FINANCE & OTHER FUNDING SUPPORT FOR PEOPLE IN BUSINESS
Support for Registered Companies (SME's)
CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME
Delivered by the British Business Bank, the scheme will support primarily small and medium-sized businesses to access bank lending and overdrafts.
Amount: The Government will guarantee 80% on each loan to give lenders the confidence to give loans to SME's.
Maximum: The amount is subject to a per-lender cap on claims (Loans up to £5 million in value).
Duration of Support: Businesses can access the first 6 months of finance interest free (Government will cover this)
Important Note: The Government will not charge businesses or banks for the guarantee.
Available From: 23 March 2020.
You Must Meet ALL the Criteria Below:
- Your business is UK based
- Turnover of no more than £41 million per annum.
- Your business meets the other British Business Bank eligibility criteria.
How to Apply/Access the Scheme:
- Go to the British Business Bank Website for rules of the Scheme and the list of accredited lenders (see link below).
- There are 40 accredited lenders/providers (at the time of this report).
- All the major banks will offer the Scheme once it has launched.
- You should talk to your bank or finance provider (not the British Business Bank) as soon as possible and discuss your business plan with them. This will help your finance provider to act quickly once the Scheme has launched.
British Business Bank Website Link:
What to do If You Have an Existing Loan:
If you have an existing loan with monthly repayments, ask for a repayment holiday to help with cash flow.
Support for Self-Employed/Freelancers
NEW SELF-EMPLOYED INCOME SUPPORT SCHEME:
The Self-Employed, who have been adversely affected by the Coronavirus can receive a taxable grant.
Amount: worth 80% of your average monthly profits over the last 3 year
Maximum: up to £2,500 per month.
Duration of Support: At least 3 months (will be extended by the Chancellor if necessary).
Important Note: You will be able to claim these grants and continue to do business.
Grant Available from: June 2020.
You Must Meet ALL the Criteria Below:
- Trading profits up to £50,000 maximum.
- The majority of your income must be from self-employment.
- Must already be in self-employment.
- Must have a tax return for 2019.
How to Apply/Access this Scheme:
- If you are eligible HMRC will contact you directly.
- You will need to complete an online form.
- HMRC will pay the grant straight into your bank account.
If You Missed Your Filing Deadline in January 2020:
- An extension will be given to submit your 2019 tax return within the next 4 weeks.
Other Support for the Self-Employed:
- Business interruption Loans.
- Self-Assessment Income Tax payment due in July 2020 can be deferred until end of January 2021.
- Universal Credit
- A self-employed person with a non-working partner and two children living in the social rented sector can receive up to £1,800 per month. (Find out what you can claim for your specific circumstances)
Support for Company Directors
CORONAVIRUS - AWAITING GOVERNMENT UPDATES ON SUPPORT PACKAGE
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