Bounce Back-Loan Scheme (BBLS)
This Scheme has now closed
Bounce back loan scheme is a new loan scheme introduced by UK government through which loans up to £50,000 are provided primarily to support COVID19 affected small and medium-sized businesses - an easy to access loan at low-interest rate bank loan.
The Bounce Back Loan Scheme closed to new applications and top-up applications on 31 March 2021. The COVID-19 Corporate Financing Facility (CCFF) also closed for new issuance on 22 March 2021.
- Interest rate: Fixed 2.5% per annum.
- No interest for the first 12 months (government to pay interest for 12 months).
- Government to provide a guarantee of 100% on each loan without any charge.
- How much can you borrow: 25% of annual revenue (2019 calendar year) or Maximum amount: £50,000
- For business established after 1st Jan 2019, turnover to be calculated on an estimate basis.
- Term: The length of the loan is 6 years (can be extended to 10 years). But you can repay early without paying a fee.
- No repayments will be due during the first 12 months.
To know more about "Bounce back loan scheme", click here.
Note - Borrower is liable to repay 100% of the loan
Kickstart (Recruitment Scheme)
Kickstart scheme that opened on 2nd September 2020, is an initiative from the UK government to create hundreds of thousands of high-quality placements for 6 months period for the people between the age group of 16 to 24 who are claiming Universal Credit. Under the scheme, the government will fund 100% of the national minimum wage, including national insurance and pension contributions for 25 hours a week to employers. This scheme will open for new Kick-starters to initiate their placements up until December 2021.
- The government will provide up to 100% of the:
- National minimum wage (NMW) to the employer to create job placements, covering a maximum of 25 hours a week.
- Employer national insurance contributions
- Employer minimum pension contribution.
- An initial grant of £1,500 for each job placement is provided for set up costs, support and training.
- This step costs will only be paid by the government after the confirmation that a younger person has started commencing the work and enrolled on your payroll to be paid through PAYE.
- The employers can also choose to top up the wages above the NMW if they like, but the government will pay no additional contribution.
To know more about "Kickstart Scheme", click here.
Coronavirus Business Interruption Loan Scheme (CBILS)
This Scheme has now closed
Coronavirus business interruption Loan scheme is a new scheme introduced by the UK government to provide financial support to eligible smaller businesses that are adversely affected by Coronavirus pandemic. The Coronavirus Business Interruption Loan Scheme (CBILS) closed for new applications on 31 March 2021.
- Up to £5 million facility - loan of amount up to £5 million.
- 12 months finance interest-free - Government to cover the interest for the first 12 months.
- 80% Guarantee - Government to provide lenders with a guarantee of 80% on each loan.
- No guarantee fee - No fee for smaller businesses.
Finance terms -
Up to six years for term loans and asset finance facilities.
Up to three years for overdrafts and invoice finance facilities.
The Borrower always remains liable to pay 100% of the principal and interest after 12 months.
To know more about "Coronavirus business interruption loan scheme", click here.
Coronavirus Future fund
This Scheme has now closed
Coronavirus future fund scheme is the scheme announced by UK government to issue convertible loans between £125,000 to £5 million to innovative companies who are not having adequate funds and facing financial difficulties in continuing business operations due to coronavirus outbreak.
The Future Fund scheme closed to new applicants on 31 January 2021. The online portal
remains open for investee companies with legally completed convertible loan agreements (CLAs) to submit information.
To know more about "Coronavirus future fund scheme", click here.
Coronavirus Job retention scheme (CJRS)
All UK employers will be able to access support to continue paying part of their employee's salary for furloughed workers-those employees that would otherwise have been laid off during this crisis.
- Payment of 80% of staff salaries up to £2,500 (gross pay) per month per worker for those who are on PAYE and unable to work.
- Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that subsidised wage.
- This extended scheme is available to all employees who were on the Employer's PAYE payroll by 23:59 on 30 October 2020.
- This Scheme is also available to employees employed as of 23 September who has since been made redundant can be rehired and placed on the Scheme.
- The deadline for Coronavirus Job Retention Scheme claims for periods in June 2021 is Wednesday 14 July 2021.
- The scheme runs until September 2021.
- The UK Government will continue to pay 80% of furloughed employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, to the end of June 2021.
- In July 2021, CJRS grants will cover 70% of employees’ usual wages for the hours not worked, up to a cap of £2,187.50. In August 2021 and September 2021, this will then reduce to 60% of employees’ usual wages up to a cap of £1,875.
The Coronavirus Job Retention Scheme (CJRS) remain open until December 2021.
Green homes grant scheme
This Scheme has now closed
“Green homes grant scheme” is a scheme introduced by the UK government to provide landlords and home-owners with vouchers up to £10,000 to spend in improving the energy efficiency of their homes. As a landlord, you can cover the two-third of your home improvement cost to claim up to £5,000 and can make your home more energy-efficient. In case you are having low income or availing certain benefits, you can apply for vouchers up to £10,000. This initiative is designed by the UK government to promote energy efficiency and to boost the country’s economy in the coronavirus pandemic. There are various benefits that a landlord can avail by choosing green homes grant scheme -
- It helps in saving your money on high utility bills.
- It makes your tenants happier than before.
- It helps make your home more energy-efficient.
- It will attract more eco-friendly tenants which is the biggest benefit you can avail as a landlord because 42% of tenants consider eco-friendliness while choosing a new property.
Issuing of Vouchers started from November 2020 and were valid from 3 months from the date of issue or until 31 March 2021.
The Green Homes Grant scheme closed for new applications on 31 March 2021.
To know more about "Green homes grant scheme", click here.
Job Support Scheme (Replacement for furlough scheme)
Job support scheme is a scheme introduced by the UK government to provide protection to jobs in businesses who are facing lower demand over the winter months due to Covid-19. The Job Support Scheme was due to start on 1 November 2020, has been postponed as the Coronavirus Job Retention Scheme is being extended
- It is available to both small and medium-sized businesses.
- Employees must work for at least 20% of their normal hours.
- If you didn’t use the furlough scheme before, you could be still eligible to apply for the Job support scheme.
- Employers will continue to pay the staff wages as per their working hours. However, for non-working hours the government will provide up to 61.67% of wages, up to £1,541.75 per month.
- An employee working 20% of their normal hours will receive at least 73% of their pay.
This scheme will start from 1 November 2020 and run for 6 months, i.e. until April 2021.
Self-employed income support scheme (SEISS)
The extended self-employment Income support scheme offers critical support in the form of grants to those self-employed people who are adversely affected due to Coronavirus.
SEISS grants do not relate to any particular period or seek to replace lost income over a particular period.
- The first grant, billed as covering March to May 2020, was available to businesses adversely affected up to 13 July 2020.
- The second grant, billed as covering June to August 2020, was available to businesses affected on or after 14 July 2020.
- The third grant, billed as covering November 2020 to January 2021, was available to businesses impacted between 1 November 2020 and 29 January 2021.
- The fourth grant, billed as covering February to April 2021, was available to businesses impacted between 1 February and 30 April 2021.
- The fifth grant, billed as covering May to September 2021, is expected to be available to businesses impacted between 1 May and 30 September 2021.
Note: Claims for the fourth SEISS grant have now closed. The last date for making a claim for the fourth grant was 1 June 2021.
The fifth grant is based on three months trading profits despite covering a five-month period. HMRC has indicated that this approach is intended to tailor support as the economy opens up. The online claims service for the fifth grant will be available from late July 2021.
Statutory Sick Pay (SSP)
- If you cannot work because of coronavirus (COVID-19). You could get SSP if you’re self-isolating because:
- you or someone you live with has COVID-19 symptoms or has tested positive for COVID-19.
- you have been notified by the NHS or public health authorities that you’ve been in contact with someone with COVID-19.
- someone in your support bubble (or your ‘extended household’ if you live in Scotland or Wales) has COVID-19 symptoms or has tested positive for COVID-19.
- You have been advised by a doctor or healthcare professional to self-isolate before going into hospital for surgery.
- You could get SSP for every day you are off work.
- You cannot get SSP if you are self-isolating after entering or returning to the UK and do not need to self-isolate for any other reason.
- If your illness is not related to COVID-19, you can get SSP from the fourth day you are off work sick.
Recovery Loan Scheme
Following the success of the emergency COVID-19 Government-guaranteed loan schemes, the Government has introduced the Recovery Loan Scheme for all business so they can recover after the pandemic and transition period.
- The scheme is open to all businesses , including those who have already received support under the emergency schemes.
- Up to £10 million is available per business. The actual amount offered and the terms are at the discretion of participating lenders.
- The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt.
- Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.
The scheme is open until 31 December 2021, subject to review.