Lockdown Week 7 - Update on Grants & Loans

We are now at the start of week 7 of lockdown, hopefully over the next few weeks we will start to see some easing of the restrictions.

We wanted to let everyone know about some new grants that were annouced last week and details of some other schemes that open this week.

Small Business Bonus Scheme Relief Grant.

Applications for grants on additional properties will go live on Tuesday 5th May.

In addition to the 100% grant on the first property, ratepayers will also be eligible for a 75% grant on each subsequent property that meets the criteria for each grant.

For more details and how to apply click on the link and select your local council.

https://www.mygov.scot/…/non-domestic-rates-relief-to-help…/

Self-Employment Income Support Scheme (SEISS).

From today (Monday 4 May), HMRC will begin contacting customers who may be eligible for the government’s Self-Employment Income Support Scheme (SEISS).

Those who are eligible will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment.

More info can be found in the below link

https://www.gov.uk/government/news/self-employed-invited-to-get-ready-to-make-their-claims-for-coronavirus-covid-19-support

Bounce Back Loan Scheme

The Bounce Back Loan Scheme, which opens today (4th), is a government initiative to support small and medium-sized businesses. The government provides lenders with a guarantee for 100% of the loan. Please note the borrower remains liable for all of the debt.

Borrow from £2,000 up to £50,000
(up to a maximum of 25% of your turnover)

Fixed 6 year loan term, with no early repayment fees if you wish to repay the loan early.

Interest rate is 2.5% fixed.

12 month capital repayment holiday is automatically applied at the start of the loan.

Interest for the first 12 months is paid by the government, and then by you for the remainder of the loan term.

Personal guarantee is not required.

For more information please contact your existing bank. Click on the link for more info https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

Additional Support

Applications are now open for three new grants recently annunced by the Scottish Government for businesses impacted by coronavirus:

Pivotal Enterprise Resilience Fund
Creative, Tourism and Hospitality Enterprises Hardship Fund
Newly Self-Employed Hardship Fund

https://findbusinesssupport.gov.scot/coronavirus-advice/sources-of-funding

Furlough Claims

We will continue to prepare and submit furlough claims for existing clients for as long as the government keeps the scheme open.

Have a good week.

Team DTA