UPDATE: Availability of Financial Assistance Available to SMEs on 28th April 2020 at 8am
Coronavirus Bounce Back Loan
The Government have announced a new loan scheme, due to be launched on 4th May 2020.
This is intended for small and medium businesses and will allow them to borrow between £2,000 and £50,000.
The Government will be guaranteeing 100% of the loan, with no fees or interest due within the first 12 months.
The first 12 months will also be payment free and the Government will be working with lenders to agree a low rate of interest for the remaining term of the loan. The maximum term available will be 6 years.
What Businesses are Eligible for the Bounce Back Loan?
You can apply for a loan if your business:
- Is based in the UK
- Has been negatively affected by coronavirus
- Was not an ‘undertaking in difficulty’ on 31 December 2019
You cannot apply if your business is within the following sectors:
- Banks, insurers and reinsurers (but not insurance brokers)
- Public sector bodies
- Further education establishments, if they are grant funded
- State funded primary and secondary schools
You will also not be able to apply if you are already claiming under the Coronavirus Business Interruption Loan Scheme, although if your loan is £50,000 or less, you will have until 4th November 2020 to transfer to the Bounce Back Loan Scheme.
Coronavirus Job Retention Scheme
The portal for applications for the Coronavirus Job Retention Scheme opened last week and we are now seeing the grants being paid to clients.
If you would like us to apply on your behalf, please provide us with the following information:
- Your PAYE reference number (if we do not already have this)
- The number of employees being furloughed
- The claim period (start and end date, for each employee if different)
- Amount claimed for gross pay, employer’s NI and employer’s pension (if we are not calculating for you)
- Bank account number and sort code
- Address the bank account is registered to
- Contact name
- Contact telephone number
- Employee names
- Employee National Insurance numbers
We will endeavour to keep you updated as changes to this information are announced.
If you have any queries regarding this information, please do not hesitate to contact us. SAS Accounting are a friendly team of professional accountants in Colchester. We provide simple, straightforward advice to take the pain out of keeping on top of your finances.
Should you need advice about how to claim business support, managing your VAT or taxes or running payroll during the Covid-19 pandemic, please give us a call and we will be delighted to help!