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Status: Live
The Bounce Back Loan Scheme for small and medium-sized businesses is now live:
- You can borrow between £2,000 - £50,000
- Interest capped at 2.5%
- No fees or interest to pay for the first 12 months
- The government guarantees 100% of the loan
Details on eligibility can be found via the British Business Bank. Finance will be provided through accredited lenders, so in the first instance, businesses should approach their own bank – ideally via their website.
Those seeking financial support above £50,000 can apply for a Coronavirus Business Interruption Loan.
Status: Coming Soon
A discretionary fund has been set up to accommodate certain small businesses in England previously outside the scope of the Business Support Grants.
Local authorities will be asked to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. But local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.
Further guidance for local authorities will be set out shortly, after which Teignbridge will outline how it intends to allocate its portion of the funding.
Status: Coming Soon
The Self-employment Income Support Scheme will support self-employed individuals by providing a grant worth 80% of their profits up to a cap of £2,500 per month.
The scheme will be open for an initial three months. The online service will be available from 13 May 2020 and HMRC will tell you the date you can make your claim from.
The Government has now released guidance where you can check to see if you are eligible and work out how much you can receive.
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