The government's new Bounce Back Loans scheme is now open for applications.
Apply now for a coronavirus Bounce Back Loan
- Small and medium-sized businesses can borrow between £2,000 and £50,000
- Access the cash within days.
- Apply online via a simple, short form.
- 100% backed by Government to give lenders assurance
- No repayments, interest or fees for first 12 months
- A flat rate of 2.5% interest thereafter
- Loan terms up to 6 years.
- No penalty for early repayment
£617 million top-up to local business grant funds scheme
A discretionary fund has been set up for small businesses in England previously outside the scope of the business grant funds scheme.
- Grants of £10,000 or £25,000
- For small businesses with ongoing fixed property-related costs.
- Local authorities are being asked to prioritise businesses in shared spaces, regular market traders and small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.
- Businesses must have under 50 employees and must demonstrate a significant drop in income due to Coronavirus restriction measures.
Local authorities may choose to make payments to other businesses based on local economic need. Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances. It represents £617 million of additional grant funding and further guidance on the scheme will be issued shortly.
HMRC Self-employment eligibility tool
This week HMRC is 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.
People can claim if they’re a self-employed individual, or a member of a business partnership, if their business has been adversely impacted by coronavirus.
You can also use the self-employed checker tool to check eligibility
Reminder: Webinars to support your business
Government departments are hosting free webinars this week to help businesses understand the support available including:
Multiple dates - Coronavirus Job Retention Scheme – How to make a claim
Multiple dates - Coronavirus COVID-19 Statutory Sick Pay Rebate Scheme
The Combined Authority is made up of eight founding members across Cambridgeshire and Peterborough. Each partner is represented by their leader at Combined Authority meetings.