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With CJRS and CBILS in full flow, most of the businesses have now availed benefits provided under these schemes. Most of the employers have now claimed their wages paid to furloughed employee up to 30 April 2020, while small and medium business have geared up and applied for business interruption loans.
Coronavirus Bounce Back Loan
The Bounce Back Loan scheme is intended to help small and medium-sized businesses to borrow between £2,000 and £50,000. However, the scheme is not available for those who have already claimed grant Coronavirus Business Interruption Loan Scheme. The scheme is supposed to launch on 04 May 2020 where the UK Government guarantees 100% loan with no fees and interest payable for first 12 months. Although the full scheme is not yet declared, government has confirmed the loan term to be 6 years with no repayment to be made within first 12 months.
We at Affinity Associates believe that this scheme will support even the smallest business that are not able to claim benefits under other schemes due to weak financials. In particular, Sole traders and Partnerships with turnover below VAT threshold might be benefited with this scheme. Although HMRC has not confirmed anything, but Government guarantee suggests benefit to reach many small businesses with weak financials.
Financial support
Considering various schemes, it become difficult for business or individual to find out support that they can get from Government. We at Affinity Associates have visualized the sectors that will be worst affected by this pandemic and have already published blogs that can help making all possible claims for Grants and loans. If you are Self-employed, please visit https://www.affinityassociates.com/covid-19-possible-action-self-employed-can-take-subsist/ . IF you are into Restaurants/Pubs/Clubs Business, which is one of the worst hit area within economy. Please visit https://www.affinityassociates.com/covid-19-sustainability-measures-restaurants-pubs-clubs/ to see how you can make best out of benefits and grants from government.
You may also use a support finder developed by HMRC. Just follow the link https://www.gov.uk/business-coronavirus-support-finder
Affinity Associates have an experienced team of Chartered Certified Accountants that can assist you in further understanding claim processes. You can also contact us to learn more about how those relief packages can be used to benefit your business amid the COVID19 pandemic. To schedule a free consultation, you can call us at +44 20 8903 2077 or email us your queries at info@affinityassociates.com. We will be more than happy to help you in this tough time.