COVID-19 Business Update 27/04/2020

TODAY’S NEWS: Chancellor announces micro-loans for small businesses from Next Monday

 
Key points of the Government's “Bounce Back Scheme”:
 

  • Loan 100% guarenteed by the Government
  • Businesses can apply for 25% of turnover up to a maximum of £50,000
  • Government will pay interest for first twelve months
  • Simple form with loans arriving within 24 hours of approval
  • Available from 9am NEXT Monday

Having wrangled (and continuing to!) with a few big banks I think we can all agree that this is a lifeline for small businesses.
 
You can click on the link for more details, and as usual I will forward any information I get from my end.

 

Feedback regarding Furlough, scheme extended to end of June

 
For those who are worried – I have been told on a few occasions that the Government’s furlough scheme has been an easy and straightforward process. 
 
Some who have applied on last Monday have now received their furlough payments. Most surprisingly the website did not crash on launch day – a technological miracle indeed!
 
If you haven't done so do apply here. Note that the scheme has been extended to end of June to provide more certainty as we work on the right timing to ease lockdown. 

Coronavirus Tests referal for employees

If your employer is on the list of "essential workers" and are showing sympthoms you can now refer them for a Coronavirus test. 

Do have a look at the link hereNote that this tests only lets you know if you currently have the virus, not if you have had the virus! 

Other government support:
 

  • Self-Employed Income Support Scheme: You should receive a letter in Mid-May & payment in June so stay peeled to your mailbox.
  • Guidance and application for Coronavirus Large Business Interruption Loan Scheme here. Changes made in recent days clarified here.
  • Office for National Statistics set to release info on how many workers have been furloughed here on April 23rd.

 
 
Other key updates for industry: 

Help and Advice from Humber Business Growth Hub

Take care, 

Holly

Attachments

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Minister Letter to Nurseries re CJRS/Early Years Funding 225.32 KB