Covid19 Guidance

There is already a lot of help on the Internet to help guide you through the financial difficulties that you may be experiencing, but I wanted to put together a shortened , current and simplified version-with government links for further reading .

This information is by no means exhaustive but information I feel would help the type of businesses I would offer my services to.

SEISS-Self Employment Income Support Scheme

This grant is specifically to help the Self Employed and members of a Partnership who have been adversely affected by COVID.

Applications for the 1st and 2nd grant have now closed but the chancellor has since announced a 3rd payment of 80% of your average monthly trading profits, capped at £7,500. The 3rd grant claim with close on the 29th January 2021.

The 4th grant will cover the period February to April 2021. At this point no further information has been given.

This grant does not need to be repaid but must be included on your Self Assessment tax return. 


Support For Small To Medium Sized Businesses

Coronavirus Business Interruption Loan Scheme (CBILS)

As a small to medium sized business you can apply for loans or finance up to £5 million which the Government guarantees 80% of the loan to the lender and pays interest and any fees for the first 12 months.

To be eligible your business must be based in the UK and have an annual turnover of up to £45 million. See the link for other eligibility requirements and further reading. This scheme is open until the 31st March 2021.

Coronavirus Future Fund

This is a government loan to UK based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The deadline for application is the end of September 2020.

For eligibility criteria and application see the link below.


Coronavirus Bounce Back Loan (BBLS)

Small to medium sized businesses can access loans more quickly borrowing between £2,000 and up to 25% of their turnover up to a maximum of £50,000.

The Government guarantees 100% of the loan, no fees and no interest for the first 12 months, after which interest will be at 2.5%. This scheme is open until the 31st March 2021.

For eligibility, further reading and to find a lender see the link below.