CLBILS EXPANDED TO £200m FROM 26th MAY
Earlier this week, the Government announced changes to the Coronavirus Large Business Interruption Loan Scheme (CLBILS) increasing the maximum loan size from £50m to £200m (up to 25% of turnover).
Also announced was the criteria that any business taking over £50m from CLBILS on terms over 12 months, would not pay dividends and exercise restraint on senior management pay. Further details will be provided by the Government on Tuesday 26th May.
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CHANCELLOR LAUNCHES CORONAVIRUS FUTURE FUND
Start-up Businesses that haven't been eligible for any of the Government's financial support measures could now benefit from a new funding line announced this week.
The Future Fund, a Government-backed loan to UK-based companies ranging from £125,000 to £5 million, will be subject to at least equal match funding from private investors. Other eligibility criteria states that the business:
- is UK-incorporated - if your business is part of a corporate group, only the parent company is eligible
- has raised at least £250,000 in equity investment from third-party investors in the last 5 years
- has none of its shares traded on a regulated market, multilateral trading facility or other listing venue
- was incorporated on or before 31 December 2019
- has at least one of the following which is true:
- half or more employees are UK-based
- half or more revenues are from UK sales
Don't forget, if you would like cash flow forecasting support to assist your loan applications, you can contact matt@lwaltd.com or call 0161 905 1801.
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STATUTORY SICK PAY REBATE CLAIM PORTAL TO GO LIVE ON 26th MAY
If you have had employees take paid sick leave related to Coronavirus, the Coronavirus Statutory Sick Pay Rebate Scheme online service will be live from Tuesday 26th May for you to make your claim for SSP. You must satisfy the following criteria before making your claim:
- you’re claiming for an employee who’s eligible for sick pay due to coronavirus
- you have a PAYE payroll scheme that was created and started on or before 28 February 2020
- you had fewer than 250 employees on 28 February 2020
The CSSPRS applies for employees who
- From 13th March 2020
- have had Covid-19 symptoms or actually had the virus
- are self-isolating due to living with someone who has symptoms
- From 16th April
- have a letter from the NHS or their GP asking them to shield for 12 weeks
You can claim back from both the Coronavirus Job Retention Scheme and the Coronavirus Statutory Sick Pay Rebate Scheme for the same employee but not for the same period of time for that employee.
The SSP calculator will help you work out the amount you can claim, especially if there is a crossover from when the rate of SSP changed from £94.25 to £95.85 on 6th April 2020.
If you are making the claim yourself, you will need your Government Gateway User ID, however, if you use an agent to manage your PAYE online for you, they will be able to claim on your behalf.
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TRAFFORD BOROUGH COUNCIL ANNOUNCES FURTHER GRANTS
A further lifeline for local businesses has been made available from today (Friday 22nd May) as Trafford Borough Council announces the new Discretionary Business Grant Scheme to help small businesses that have not been able to benefit from other Coronavirus financial support packages.
The discretionary grants will be up to a maximum of £5,000 depending on the category of businesses and will especially target companies operating in shared spaces, regular market traders and bed & breakfasts that pay council tax rather than business rates.
Please take a look at the Trafford Borough Council website below to find out if you qualify and how you can apply.
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COVID-19 - MANAGING DEBT AND UNDERSTANDING DEBT RELIEF RULES
Our Government has provided monetary support in numerous ways including grants and readily accessible loans which should help fulfil some financial obligations such as paying staff salaries and supplier invoices where possible, as well as allowing for delayed VAT and Tax payments.
However, if you’re racking up debts then it is important to know how to manage your finances, and bear in mind the rules of Debt Relief as outlined in our blog below.
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CONTACT US
All of our previous updates detailing information and guidance in relation to the impact of Covid-19 on business and personal finance, can be found on our dedicated Coronavirus section of the LWA website.
If you have any concerns about the impact of Covid-19 on your business or personal finances, and are unsure who to speak to, please contact one of the team here at LWA. You can reply to this email or call us on 0161 905 1801 in Manchester, or 01925 830 830 in Warrington. We're here to help.
To acknowledge Mental Health Awareness Week, I'd like to end this email with a very useful link from the NHS on maintaining positive mental well-being while staying at home.
Wishing you a happy and healthy bank holiday weekend.
