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COVID-19 Business Update (cropped)
01-05-2020

Business Update 10 - Coronavirus (Covid-19)

Please find our latest update below covering:  

  • Coronavirus Bounce Back Loans
  • Coronavirus Job Retention Scheme: HMRC portal and repayments 
  • Business Coronavirus Support Finder 
  • Statutory Sick Pay  

Coronavirus Bounce Back Loans

The government announced a new Bounce Back Loan scheme earlier this week. The new scheme will launch on 4 May. 


The scheme will help small and medium sized businesses negatively impacted by the coronavirus to borrow between £2,000 and £50,000.  


The loan will be 100% guaranteed by the government with no fees, interest or repayments for the first 12 months. Loan terms will be up to 6 years and the government has indicated that it will work with lenders to agree a low rate of interest for the remainder of the loan. 


We understand that the application process will be simpler than what we’ve seen so far for the Coronavirus Business Interruption Loans (CBIL). However, you can’t apply for a Bounce Back Loan if you already have a CBIL although CBIL loans under £50,000 can be transferred into the Bounce Back Loan Scheme. 


More details to follow. 

 

Coronavirus Job Retention Scheme (CJRS): HMRC Portal and Repayments

We can report that the HMRC portal worked very well when we accessed it last week and we are aware that repayments have already been received. 

 

Next step will be to file claims for May and June (following the extension of the furloughing scheme) which will need to be completed on a monthly basis. 

 

We’ve seen some suggestions that the furloughing scheme could potentially be extended beyond June for certain sectors and, like everyone, we will be keeping a close eye on this. However, at this stage and for current planning purposes it would be wise to assume nothing has changed until a formal announcement has been made. 

 

Business Coronavirus Support Finder

The government has introduced a simple and useful on line tool which can be used to identify the help that may be available to individual businesses - click here

 

Statutory Sick Pay (SSP)

The online service to claim back Coronavirus related SSP is still not open. By way of reminder click here to view the government guidance. It is very important to maintain the necessary records.

 
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