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News

4th May 2020

Covid-19 Update 4 May 2020

Bounce Back Loans (BBLS)

- Loans from £2000 to 25% of Turnover or max of £50,000.
- 100% guarantee provided by Government to the lender
- interest free first twelve months
- interest rate fixed at 2.5%

Full guidance issued to the banks by the British Bank is available on the link below.
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/

These went live today and I can see most of the main banks have the links live (see below), full list of lenders is available from British Bank https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/for-accredited-lenders/

https://www.business.natwest.com/business/support-centre/service-status/coronavirus/bounce-back-loan.html

https://www.barclays.co.uk/business-banking/borrow/bounce-back-loan-scheme/

https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/bounce-back-loan-scheme

https://www.lloydsbank.com/business/coronavirus/bbls.html?WT.ac=lloyds-bb-covid_19-gov_scheme-tile-FOM-bbls_homepage
 

Top-up to local business grant funds scheme

Details of this additional support were released on Saturday. Please see details on the link below.

This is a new fund created for businesses that existing measures have not helped. We need more details on this to know who this may actually help so please have a look through the link below for what has been released so far.

https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme?utm_source=c711a024-400a-41c6-a2b9-1a103a62ddaa&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate


Child Benefit - could now be time to apply?

Many of our clients have stopped claiming this due to your levels of personal income and the High Income Benefit Charge (HIBC), however now may be the time to look at this again.

You may want to consider that if there is even the slightest possibility that you will have a taxable income for 2020/21 of less than £60,000 you should make a claim for child benefit, worst case scenario the HICBC will cancel the claim out at a later date. However if you delay making your claim to "wait and see" then you could loose out as you can only claim for up to 3 months prior to your claim.

 https://www.gov.uk/child-tax-credit/how-to-claim

Wishing you all well as always

Very best

Nick Hunt