Keeping our clients updated with practical business advice during the Covid-19 pandemic.

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Coronavirus Business Interruption Loan Scheme

Coronavirus Business Interruption Loan Scheme

Can the government’s Coronavirus Business Interruption Loan Scheme support your business?

If your business is experiencing emergency cashflow issues due to COVID-19, and you anticipate being able to trade out of this difficulty when the economy stabilises, then the Coronavirus Business Interruption Loan Scheme may prove invaluable for business continuity. The goverment announced significant expansions to the scheme with effect from 3 April 2020, and so any businesses whose applications were declined prior to this should re-approach their lenders.    

Can the government’s Coronavirus Business Interruption Loan Scheme support your business?

If your business is experiencing emergency cashflow issues due to COVID-19, and you anticipate being able to trade out of this difficulty when the economy stabilises, then the Coronavirus Business Interruption Loan Scheme may prove invaluable for business continuity. The goverment announced significant expansions to the scheme with effect from 3 April 2020, and so any businesses whose applications were declined prior to this should re-approach their lenders.    

Salary support for businesses: the Coronavirus Job Retention Scheme

Salary support for businesses: the Coronavirus Job Retention Scheme

Furlough scheme extended to 31 March 2021

Furlough scheme extended to 31 March 2021

Borrow up to £50k with the Bounce Back Loan Scheme

Borrow up to £50k with the Bounce Back Loan Scheme

From Monday 4 May, businesses can borrow between £2,000 and £50,000 under the Bounce Back Loan Scheme. In just the first minute of being launched, Barclays reported that it received 200 applications. The new loan scheme is aimed at smaller businesses and sole traders, and is designed to be easier to apply for than the Coronavirus Business Interruption Loan Scheme (CBILS). Further, applicants do not have to provide security and personal guarantees, so this scheme may be more attractive than the CBILS. If your business is experiencing cashflow issues due to COVID-19, the Bounce Back Loan Scheme may be a crucial lifeline.

From Monday 4 May, businesses can borrow between £2,000 and £50,000 under the Bounce Back Loan Scheme. In just the first minute of being launched, Barclays reported that it received 200 applications. The new loan scheme is aimed at smaller businesses and sole traders, and is designed to be easier to apply for than the Coronavirus Business Interruption Loan Scheme (CBILS). Further, applicants do not have to provide security and personal guarantees, so this scheme may be more attractive than the CBILS. If your business is experiencing cashflow issues due to COVID-19, the Bounce Back Loan Scheme may be a crucial lifeline.

A message from Emma

A message from Emma

I hope you and your family are keeping well during these challenging times. My thoughts go out to those affected by COVID-19 and to the invaluable work of our key workers around the world.

I hope you and your family are keeping well during these challenging times. My thoughts go out to those affected by COVID-19 and to the invaluable work of our key workers around the world.

Lockdown – an opportunity?

Lockdown – an opportunity?

The unprecedented last few months have provided a pause for many, provoking thoughts about what they really value in life.

 

Coronavirus - Support available for self-employed workers

Coronavirus - Support available for self-employed workers

A second and final Self-Employment Income Support Scheme grant is now available in August 2020.

From 13 May 2020, self-employed individuals or members of partnerships whose businesses have been adversely affected by COVID-19 have been able to apply for a Self-Employment Income Support Scheme ("SEISS") grant, worth 80% of their average monthly trading profits (reducing to 70%, as detailed below). Further details of this, and other, support available to the self-employed are below. 

A second and final Self-Employment Income Support Scheme grant is now available in August 2020.

From 13 May 2020, self-employed individuals or members of partnerships whose businesses have been adversely affected by COVID-19 have been able to apply for a Self-Employment Income Support Scheme ("SEISS") grant, worth 80% of their average monthly trading profits (reducing to 70%, as detailed below). Further details of this, and other, support available to the self-employed are below. 

Cash is King: Managing business and personal cashflows

Cash is King: Managing business and personal cashflows

Business focus

Loans (Coronavirus Business Interruption Loan Scheme)

At the Budget, the government announced the Coronavirus Business Interruption Loan Scheme, which has since been expanded to enable businesses to access credit of up to £5m. The loans will be obtained through normal banking providers, with the government guaranteeing up to 80% of the amounts extended. Rishi Sunak announced on Friday that the interest-free period would be for at least 12-months. At present, it is not known what the interest rate will be after the 12-month period.

How Creaseys is responding to the Covid-19 pandemic

How Creaseys is responding to the Covid-19 pandemic

All of our team is equipped to work remotely and more of us are now making use of the technology available to enable us to work flexibly from home where possible, as recommended by the government, so we do not anticipate any disruption on this front.

All of our team is equipped to work remotely and more of us are now making use of the technology available to enable us to work flexibly from home where possible, as recommended by the government, so we do not anticipate any disruption on this front.