Schemes to help your business survive the pandemic
There finally appears to be an end in sight to the Covid-19 pandemic with the rolling out of a vaccine – but there will continue to be financial difficulties ahead for businesses and they need to take advantage of the available schemes if many are to survive.
There is a lot of help out there, and for those who perhaps are unaware, here are some of the support packages which are available.
For businesses, extended until January 31
The Coronavirus Bounce Back Loan allows small and medium-sized businesses affected by the pandemic to apply for loans of up to £50,000.
The Coronavirus Business Interruption Loan Scheme gives businesses the opportunity to apply for a loan of up to £5 million with the Government paying the fees and interest for the first year.
The Coronavirus Large Business Interruption Loan Scheme is helping large businesses by providing loans of up to £25 million.
The Coronavirus Future Fund provides convertible loans between £125,000 and £5 million to innovative companies facing financial difficulties due to the virus.
Other options
Kickstarter Scheme – an innovative programme helping young people into work.
For the self-employed
A dedicated helpline has been set up by HMRC to support the self-employed, 0800 0159 559, and further help and advice is also available on things like Increased Tax Credits and Employment Support, Time to Pay arrangements and Universal Credit
These measures are there to help businesses and individuals through the crisis and are well worth looking at to see if you qualify.For further guidance, give us a call on 01952 216872 or email us at [email protected]
