You may already have discovered some or all of these for yourselves, but just in case, we have collated a list of useful help and resources that you might find useful

  1. Bounce Back Loan (BBL) scheme

Launched 7 May, the BBL scheme provides loans from £2k up to 25% of a business’s turnover (up to a maximum loan of £50k).

The scheme will initially open until 4 November 2020. Here are some details:

  • Loans are up to 6 years in length, with a fixed interest rate of 2.5% per annum, and are 100% backed by the Government.
  • Lenders are not permitted to charge any fees.
  • There are no interest or capital repayments in the first year, and no early repayment fee.
  • Loans can be used to “provide an economic benefit to the business”, such as for working capital, and cannot be used for personal purposes. There are no limits on the amount of the facility that can be used for refinancing.
  • A borrower cannot also have a Coronavirus Business Interruption Loan Scheme (CBILS) loan.
  • Application is through an online form with a British Business Bank-accredited bank. Borrowers who already have a business account should see their loan application processed within days.

For more information about the BBL scheme, go to https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/

2. Grants for certain small businesses

A discretionary fund of £617m was announced on 2 May, designed to support certain small businesses previously outside the scope of the business grant funds scheme.

This scheme can provide grants up to £25k.

This additional fund is aimed at small businesses (less than 50 employees) that have ongoing fixed property-related costs.

Initial indications are that the following types of businesses will be prioritised: those in shared spaces, regular market traders, small charity properties and bed & breakfasts that pay council tax rather than business rates.

Local authorities will determine allocation of funding.

For more information, go to https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme

3. Self Employment Income Support Scheme (SEISS)

HMRC is beginning to contact customers who may be eligible for the SEISS.

A new online tool has been developed to check eligibility, and money should be paid within 6 working days of a successful claim.

4. Other resources you may find useful

HMRC has also launched a digital assistant to help businesses find information on Covid-19 support schemes: https://www.tax.service.gov.uk/ask-hmrc/virtual-assistant/support-for-coronavirus?VA=GOVUK

Deloitte meanwhile has a regularly updated summary of the various support schemes available: https://www2.deloitte.com/uk/en/pages/financial-advisory/articles/covid19-uk-government-funding-response.html?nc=1

And if you run a business that trades internationally, you may be interested to know the Department for International Trade is hosting a series of Covid-19 webinars, free for SMEs across the UK.

These webinars offer practical advice on issues faced by businesses trading internationally.

For more information on upcoming webinars, go to https://www.events.great.gov.uk/ehome/dit-upcoming-webinars/about/