To enable UK businesses who have been affected by the Covid-19 pandemic to access Government backed loans from accredited lenders. It opens on 6th April 2021 and will run until 31st December 2021. It can be used for any legitimate business purposes for example cash flow, investment or growth.
COVID-19 and the resulting economic volatility has had a significant impact on businesses across the UK . However, government has announced a range of grants to support businesses affected by the coronavirus restrictions. Coronavirus (COVID‑19) support is available to employers and the self-employed, including sole traders and limited company directors. You may be eligible for loans, tax relief and cash grants, whether your business is open or closed. In this small guide we have pulled together a list of what support is available, eligibility criteria and how to apply.
The extension of the Coronavirus Job Retention Scheme (CJRS) was announced by Chancellor Rishi Sunak less than two weeks ago and the latest guidance has circulated from HMRC.
Firms with a turnover of more than £45m can apply for up to £25m of finance, while firms with a turnover of more than £250m, including those that exceed £500m, can apply for up to £50m.
The Bounce Back Loan top-up will be available from several large lenders, with others anticipated to make the top-up available in due course.
The Future Fund will support the UK’s innovative businesses currently affected by Covid-19 and unable to access other Government business support programmes. It will provide UK-based early stage companies with convertible loans between £125,000 and £5 million.
The Business Interruption Loan Scheme gives businesses access to bank lending, overdrafts and other finance solutions to help them through the current crisis.
England will enter a four-week lockdown on Thursday, shutting pubs, restaurants and non-essential shops .The Treasury is drawing up new support for the self-employed to try to allay business concerns, and has also extended the furlough scheme
Chancellor Rishi Sunak last week announced additional funding to support cash grants for businesses in tier 2 and tier 3 lockdown areas.