Business Support  – Coronavirus Update

As the days pass financial support for Business is becoming clearer, below you will find a number of links to the various schemes that your business could be eligible for:

The temporary Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years.

https://www.businesssupport.gov.uk/coronavirus-business-interruption-loan-scheme/

 

If you had a PAYE account that was started or created on or before 28 February 2020 the job retention scheme could apply. See link below

https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/

 

Below is the link detailing all available support at this moment, and it also contains a useful helpline number at the bottom for any further queries.

https://www.businesssupport.gov.uk/coronavirus-business-support/

 

If you are eligible for any of the funding, you will be contacted direct.

If you are eligible for business rates relief, you need to visit http://www.dacorum.gov.uk/home/business/business-rates/business-rates-relief where it explains how to apply for this.

 

On Friday the Chancellor Rishi Sunak announced a package of measures to support the self-employed who were not covered in previous packages. Detailed guidance on the employment retention scheme is now available:

  • The self-employed will receive a direct cash grant of 80% of their average profits, up to £2,500 per month.
  • The scheme is open to anyone with average profits of £50,000 or less.
  • The scheme will operate for three months initially but could be extended.
  • The system will take time to establish and grants won’t be available until June – at which time those eligible will receive a payment for the whole three month period. So in effect, this will be a one-off grant to the self-employed.
  • HMRC will use the average trading profits from tax returns in 2016-17, 2017-18 and 2018-19 to determine the size of the grant. For those without three years of returns, the Treasury will look at what they do have but there will be nothing for the newly self-employed without any filed accounts.

 

If you are self-employed and have, or are about to, file a self-assessment return for the 2019/2020 financial year you may be eligible for the Self Employment Income Support scheme. Please visit,

https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

 

The Hertfordshire Growth Hub (https://www.hertsgrowthhub.com/) and its dedicated COVID 19 Resource page continues to be a key source of support for business coronavirus related enquiries.

 

 

Our Ambassadors