Bounce Back Loan
The Scheme launched on Monday 4 May and we have seen funds released to businesses within 24 hours (depending on the bank).
The loan is 100% guaranteed by the government, no credit checks and personal guaranties. With a low interest rate of 2.5% and no repayment due during the first 12 months, this comes as a life-line for many small businesses.
You can find out more information on the bounce back loan via https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/
If taking out a credit facility, it is important to ensure that a system to effectively manage cash flow and finance is in place.
There is still time to join our FREE webinar tomorrow “How To Double Your Business Profit And Cashflow Without Taking On More Debt” via https://bit.ly/2Rj5cR9
If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) you can find out if you can receive a grant from the government.
To check if you are eligible, please go to https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
Furlough (Job Retention Scheme)
At the moment, the scheme is open till 30 June 2020.
HMRC are not allowing furlough claims where payroll (an RTI) was not filed on or before 19 March 2020.
Businesses or employers affected by this may consider applying for the Bounce Back Loan