Cabinet Office shares latest information on business loans and grants
THE Cabinet Office has asked the Chamber to share some of the latest information which has just been released with our members.
There have been 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
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: https://bit.ly/3fb6ubh
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.
- 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
