Keeping You In The Loop

With Our Latest News And Blog Posts

We'll look to keep everyone up to date with all general goings on here at Spirare as well as offer our take on
industry related news

Self-Employment Income Support Scheme

Self-Employment Income Support Scheme

The Chancellor, Rishi Sunak, announced plans last week to extend the Self-Employed Income Support (SEISS) for those whose trade continues to be, or is newly, adversely affected by COVID-19. Eligible self-employed people will be able to claim a second and final SEISS grant in August.

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CORONAVIRUS JOB RETENTION SCHEME UPDATE

CORONAVIRUS JOB RETENTION SCHEME UPDATE

The Chancellor announced last week three changes to the scheme:

  1. From 1 July 2020, the scheme will be made more flexible to enable employers to bring previously furloughed employees back part time and still receive a grant for the time they are not working
  2. From 1 August 2020, employers will have to start to contribute to the wage costs of paying their furloughed staff and this employer contribution will gradually increase in September and October
  3. The scheme will close to new entrants from 30 June

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Additional Grants for Small business

Additional Grants for Small business 

On the 2 May 2020, the Government announced additional support for small business that did not meet the existing criteria.

It has been widely reporting in the media that many businesses with property are missing out on the financial support.

The Government have therefore set up a discretionary fund to assist these businesses that have ongoing fixed property related costs.

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Bounce Back Loans

Bounce Back Loans

The 4 May sees the launch of the Bounce Back Loans. This is aimed at the small and micro entities that require loans.

Further information has been released from our last article.

The interest rate for the facility is set at 2.5% per annum.

Lenders are not permitted to take personal guarantees or take recovery action over the borrower’s personal assets. 

The borrower remains 100% liable for the debt.

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Self Employed Income Support Grant

Who can apply for the grant?

Following the announcement by the Chancellor Rishi Sunak on 26 March 2020 advising of the emergency package to support 5 million self-employed workers throughout Britain, there has been a further update to the guidance.

The scheme will be available to self-employed individuals or members of business partnerships, if the following are met:

  • You have been adversely affected by COVID19 – please see below
  • You traded in the 2018/19 tax year and your personal self-assessment tax return for 2018/19 was filed by 23 April 2020
  • You continued to trade in the 2019/20 tax year
  • You intend to continue to trade in the 2020/21 tax year

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Bounce Back Loans

On the 27th April the Government announced new support for small business. The ‘Bounce Back Loans’ should provide new fast track finance to small business.

Also called the Micro Loan Scheme, it provides small business with access to finance up to 50,000.

We have little detail of the scheme but we are aware of the following:

  1. The value of the loan will be 2,000 to 50,000
  2. The loan will be capped at 25% of the entity’s turnover
  3. The Government will pay the interest for 12 months
  4. No fees are payable on the arrangement of the facility
  5. Loan terms are no longer than 6 years
  6. No loan repayments are due for 12 months
  7. The interest after year one will based on a low standardised level of interest
  8. The Government will provide the lenders with a 100% guarantee on loan

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