4 May 2020
Self-employed grant and Bounce Back Loans - Circular email
Bounce Back Loans
Are launched today which allow access to cash based on 25% of your turnover up to a maximum of £200,000 (turnover) £50,000 (loan). While there are mixed messages it would seem that business with higher turnovers can apply (up to the maximum) we have been unable to test this at the time of writing as the system seems to be inundated today. Indeed one bank (Barclays) message says applications not yet available, Tuesday via PC/laptop or Thursday via mobile
The loan is interest and charge free for twelve months and 100% government guaranteed so no personal guarantees can be taken so definitely worthwhile.
Self-employed support scheme
Please note if you trade through a limited company this does not apply to you however details of the self-employed support scheme have been announced over the weekend and summarised on our website. Click this link to view the website
Perhaps the single most important point to note is that you have to have your own Government Gateway Account and there is a link to the eligibility checker which in turn should link you to setting up a Gateway if you don't have one already.
