Home » Small business news roundup-04th December 2020

Small business news roundup-04th December 2020

Coronavirus Self-Employed & Small Limited Company Help

The third income support grant is now open! Running from the 1st November to the 29th January 2021.

HMRC have advised they have contacted everyone they believe is eligible for the scheme and should apply between the 30th November – 4th December. If they have not contacted you, you have until the 29th January to apply. The total amount that you can receive is £7,500.

The new changes to the scheme are:

  • Must have had new or consistent impact on your business from COVID between 1st November 2020 – 29th January 2021.
  • The employer needs to provide evidence of a “significant reduction in trading profits”.
  • The business must continue trading.
  • You must have filed a tax return for 2018/19
  • You must earn at least 50% of your total income from self -employment.
  • Your average trading profit must be less than £50,000/year.

Reports suggest there will be a fourth scheme that will run from 1st February – 30th April, more information on this when we receive it.

To apply for the scheme click here.

Apply for the Coronavirus Large Business Interruption Loan Scheme

This scheme is here to help both medium and large sized business with their finances up to £200 million. This scheme is open to applications until 31st January 2021.

Eligibility:

-Based in the UK

-Annual turnover of up to £45 million

-Show that your business is affected by COVID

-Would be viable were it not for the pandemic

To find a lender, click here.

To read the full report, click here.

Apply for a coronavirus Bounce Back Loan

The bounce back loan has extended their applications until the 31st January 2021. If you have already had the Bounce Back Loan you may have borrowed less than you were entitled you can request a top-up by the 31st January 2021.

Eligibility:

-Based in the UK

-Was established before 1st March 2020

-The business has been affected by COVID

You cannot however claim if you are already claiming under the following schemes:

  • Coronavirus business interruption loan
  • Coronavirus large business interruption loan
  • COVID-19 corporate financing facility

To find a lender, click here. 

To read the full story, click here.

Covid Pfizer vaccine approved for use next week in UK

Breaking news! We have got a vaccine!!

The Pfizer vaccine has been approved by the British regulator. The UK has already ordered 40 million doses which will vaccinate 20 million people.

Experts have already drawn up a priority list of who will receive the vaccine first. Care home patients and staff are a few of the first people to receive the vaccine within the next few weeks.

For the full priority list, click here. 

To read the full story, click here.

Coronavirus Job Retention Scheme

This scheme has been extended until 31st March 2021 but will be reviewed in January 2021.

Claims for furlough days in November 2020 need to be submitted by 14th of December 2020. The amount you can claim is back at 80% up to £2,500 a month. Claiming only for employees who are employed on or before the 30th October 2020 who have made a PAYE RTI submission of earnings to HMRC between 20th March 2020 – 30th October 2020.

For the full information, click here.