There have been a number of new announcements made by Government about COVID-19 business and employee support. Here are the details:
1. Coronavirus Bounce Back Loans
The Bounce Back Loan scheme is now open for applications. Details on how to apply are here: https://bit.ly/BounceBackLoanApply
2. Small Business Grants
To support eligible businesses in England to access the small business grants, BEIS have created a toolkitwith regional graphics and messaging. A new discretionary fund has also been announced, which will help small businesses with ongoing fixed property related costs. Please find further details here: https://bit.ly/BizGrantTopup.
Businesses can check eligibility using the financial support checker tool:https://bit.ly/CVCheckerTool
3. HMRC Tax credits
Tax credits customers will continue to receive payments even if working fewer hours or furloughed due to COVID-19. Please find further details here and circulate amongst your employees: https://bit.ly/TaxCreditsPN.
4. 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 check eligibility using the self-employed checker tool: https://bit.ly/SelfEmployTool