In response to the coronavirus (Covid-19) pandemic, a spread of measures have been introduced by the UK Authorities and devolved administrations to assist companies via this fast-changing scenario.
To assist our valued neighborhood of debtors entry this info and assist in an easy-to-use format, we’ve got revealed guides so that you can obtain, with the content material tailor-made for companies in:
We’ll replace these guides as extra info turns into obtainable, so please go to the LendingCrowd weblog often to maintain up with developments. In case you are not a LendingCrowd borrower, please be at liberty to make use of and share these guides if they assist.
The Federation of Small Companies can also be a precious supply of knowledge: https://www.fsb.org.uk/marketing campaign/covid19.html
UK Authorities assist measures
This can be a quickly evolving scenario and the UK Authorities has set out numerous measures geared toward supporting companies via the outbreak. Discover out extra on the UK Authorities web site.
Coronavirus Enterprise Interruption Mortgage Scheme
The Coronavirus Enterprise Interruption Mortgage Scheme can present loans from £50,001 to £5 million for smaller companies throughout the UK. The loans will probably be curiosity free for the primary 12 months.
LendingCrowd has been authorised for accreditation as a CBILS lender and can provide loans from £50,001 to £250,000, with phrases of both three years or 5 years. Discover out extra.
Bounce Again Loans
This mortgage scheme for small companies provides loans of between £2,000 and £50,000. The UK Authorities can pay curiosity and any charges for the primary 12 months. No repayments will probably be due in the course of the first 12 months. Discover out extra on the UK Authorities web site.
Coronavirus Job Retention Scheme
Underneath the Coronavirus Job Retention Scheme, which is now closed to new entrants, the UK Authorities can pay a part of the salaries of workers who would in any other case have been laid off attributable to Covid-19. Employers can convey furloughed employees again to work part-time and declare assist for the hours not labored.
From 1 September, the UK Authorities can pay 70% of wages as much as a cap of £2,187.50 for the hours the worker is on furlough. Employers can pay pension contributions, employer Nationwide Insurance coverage Contributions and high up workers’ wages to make sure they obtain 80% of their wages – as much as a cap of £2,500 – for the time they’re furloughed. The scheme will shut on the finish of October.
The UK Authorities has introduced a Job Retention Bonus to assist companies retain furloughed employees. Employers will obtain a one-off bonus of £1,000 for every furloughed worker who continues to be employed as of 31 January 2021.
Self-Employed Earnings Assist Scheme
Self-employed folks (together with members of partnerships) can declare monetary assist to assist them in the course of the Covid-19 pandemic. The primary part of this scheme allowed people to say a taxable grant price 80% of common month-to-month buying and selling earnings, paid out in a single instalment overlaying three months, and capped at £7,500.
Those that had been eligible for this grant and might affirm their enterprise was adversely affected on or after 14 July could make a second declare, with grants capped at £6,570, overlaying 70% of common month-to-month buying and selling earnings for 3 months. Claims for this second grant have to be made on or earlier than 19 October
The complete LendingCrowd crew is working tirelessly to ship the absolute best outcomes for you and what you are promoting. Thanks to your continued assist.
When you have any questions, please e-mail contactus@lendingcrowd.com or name 0345 564 1600.
Article creator
