More financial support available to everyone during the Coronavirus outbreak
A new fast-track Coronavirus Bounce Back Loan scheme has been announced this week to help small and medium sized businesses. It’s 100% guaranteed by Government and no interest or repayments will be due for the first 12 months. Loans of up to £50,000 should be available and the application process launches on 4 May 2020.
If you are already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), you can not apply. However, you can arrange, with your lender, to transfer your CBILS loan to a Bounce Back Loan before 4 November 2020.
In May, the Government will launch The Coronavirus Future Fund to innovative UK companies in financial difficulty as a result of coronavirus. The Government are intending to match funding raised from third party private investors in the form of convertible loans from £125k to £5m.
The Government have launched a really helpful tool - The Government Business Coronavirus Support Finder to assist business owners to quickly and easily identify the support out there during these unprecedented times.
East Cambs have now paid out Coronavirus business grants to 52% of eligible businesses in East Cambs and the first claims under the Coronavirus Job Retention Scheme should be made by the end of the month.
It’s a tough world out there at the moment for lots of reasons. So many small businesses have been forced to close temporarily as a result of the Government’s Coronavirus containment and lockdown measures and many will be in financial distress.
Please do call Alex, one of our Business Service Managers on 01223 810100 to chat through managing your cashflow and deferring outstanding tax liabilities by making use of HMRCs Time to Pay facility.