Coronavirus Business Interruption Loan Scheme
Support for businesses through the Coronavirus Business Interruption Loan Scheme
In budget 2020, Government has announced the relief packages for small and medium businesses which also includes Cronavirus Business interruption Loan Scheme.
Government is working on developing mechanism for banks and others lenders which will be updated soon so that SMEs can get loans as a result of interruptions caused by Covid-19.
You can contact our specialist tax advisor at MJ Support & Co to look into your business affairs and assess if you can apply for the government grant, schemes and any other cash grant available for SMEs in different sectors. Our tax advisors and accountants are well versed in property, construction, hospitality and retail sectors and helped several businesses and individuals in personal tax planning and business planning.
Support for businesses through the Coronavirus Business Interruption Loan Scheme
The new Coronavirus Business Interruption Loan Scheme supports SMEs with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million in value and for up to 6 years. The government will pay to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will not face any upfront costs and will benefit from lower initial repayments. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs.
This scheme is being delivered through commercial lenders, backed by the British Business Bank.
Eligibility- You are eligible for the scheme if:
* your business is UK based, with turnover of no more than £45 million per year
* your business meets the other British Business Bank eligibility criteria
How to access the scheme- The scheme is now open for applications. To apply, you should talk to your bank or one of the 40 accredited finance providers (not the British Business Bank) as soon as possible, to discuss your business plan. You can find out the latest on the best ways to contact them via their websites. All major banks are offering this scheme. If you have an existing loan with monthly repayments you may want to ask for a repayment holiday to help with cash flow. The full rules of the scheme and the list of accredited lenders are available on the following link //www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/
Why you choose us!
Support To Get Cronavirus Interruption Loan Scheme – We will assess if you can apply for the government grant or apply for loan scheme and get any cash benefit from Cronavirus interruption loan scheme.
Tax Planning – To ensuring meeting all deadlines, we won’t leave it until last minute, when it is too late!
No Penalty Guarantee – We offer systemised accounting and tax advice to enable our clients to meet with HMRC regulations.
Regular Compliance Checks – Offering regular compliance check to meet with the compliance requirements of small businesses and individual landlords.
No Surprise Bills – Call or email your Property Tax Accountant at any time and you won’t get billed for it.
We Make Your Life Easy – Life is beautiful, so when it comes to your tax affairs, we keep things simple and take away the hassle for you.
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