Top Business News

Derin Clark

Derin Clark

Online Reporter
Published: 26/03/2020

This evening Chancellor Rishi Sunak announced the Government’s Self-employed Income Support Scheme to help those who are self-employed during the Covid-19 crisis.

Before announcing the scheme, the Chancellor described it as the “next step in the economic fight against the Coronavirus pandemic”. The scheme will offer those who are self-employed a taxable grant of 80% of their average monthly profits over the last three years, up to a maximum £2,500 per month. Those claiming the grant will be allowed to make a claim and continue to do business. The grant is expected to last three months.

To be eligible for the grant those who are self-employed need to have a trading profit of up to £50,000 per year, earn the majority of their income through self-employment and will need to have had a tax return for the 2018/2019 tax year. Those who have missed the tax return deadline in January will have four weeks from today to send in their tax return.

The grant will be available from the beginning of June. Those who are eligible will be contacted directly by the HMRC and will need to complete a form. The grant will be paid directly into their bank account.

In addition to this, those who are self-employed will be able to access the Business Interruption Loan and can also apply for full universal credit.

This announcement is the latest in a number of measures the Government has introduced to help consumers and businesses financially through the Coronavirus crisis. To find out more about how the Government has introduced measures to help consumers read our news story Coronavirus restrictions: how to prepare your finances.

For businesses the Government has introduced a wide range of measures including its Coronavirus Business Interruption Scheme, Coronavirus Small Business Grant Fund and the Coronavirus Business Interruption Loan. Information on how to apply for these grants and loans can be found by reading our previous stories How to apply for the Coronavirus Small Business Grant Fund and How to apply for a Coronavirus Business Interruption Loan.

Small businesses and start-ups in the UK that have been affected by Coronavirus may be able to claim a £10,000 grant from the Government. This is part of a package of support for business recently announced by the Government and also includes the Coronavirus Business Interruption Loan Scheme, which offers loans, asset finance and invoice finance for businesses needing extra cash flow during the pandemic.

Moneyfacts.co.uk has received new information about the criteria businesses need to meet to be accepted for the Coronavirus Business Interruption Loan Scheme (CIBLS).
Our previous article about CIBLS included the broad eligibility criteria set out by the British Business Bank, the Government owned bank that is managing the scheme. It is the lenders though that will decide on the specific criteria and circumstances they will accept to make these business interruption loans available to businesses. Our sources have now confirmed the criteria most lenders will be operating to for loans.

The Coronavirus Business Interruption Loans Scheme (CBILS) is available from today. The scheme launches with 40 lenders and offers loans, asset finance, invoice finance and overdrafts.
CBILS is a new initiative launched by the government and coordinated by the government owned British Business Bank. It is a lending scheme for small and medium sized businesses who are experiencing disruption due to the Coronavirus pandemic. Loans of up to £5m for a maximum term of six years are available to help businesses struggling with their cashflow. Businesses looking for shorter term finance can also access overdrafts and invoice finance for a maximum of three years through CBILS.

The government has just announced as part of their daily media briefings a series of measures to support businesses and mortgage borrowers impacted by the Coronavirus.
The Chancellor, Rishi Sunak started the briefing by saying “the government would do whatever it takes” to support businesses and people through the Coronavirus emergency. He continued describing the measures announced as “government interventions unimaginable a few weeks ago.”
The government’s rescue package is trying to mitigate the impact of Coronavirus on the economy, businesses and jobs. This follows the news today of Laura Ashley entering administration and the loss of 2,900 jobs from Carphone Warehouse.
Here is a summary of what the Chancellor announced.

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