3 COVID-19 Business support updates you need to know about this week

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.

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. Top-up to local business grant funds scheme

A new discretionary fund has been announced to help small businesses with ongoing fixed property related costs. This means if you were previously excluded from accessing the small business grants fund scheme because of how you paid your business rates, for example, then this additional fund could be a vital lifeline.

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 hello@thewo.org.uk to find out how we could support you.