13.05.2020: Furlough Scheme Extension & Self-Employed Income Support Scheme
We hope you are keeping safe and well.
Along with the news from the Prime Minister on Sunday evening, the Chancellor announced the extension of the Furlough Scheme yesterday to support businesses through the period of no trade and getting employees back to work. The SEISS also became live today on the Government Gateway and eligible people can process claims online rather than waiting for correspondence from HMRC in the post.
Coronavirus Job Retention Scheme
The Chancellor announced yesterday that the furlough scheme will be extended until 31st October 2020, however from 1st August there will be changes to the scheme to allow more flexibility to phase furloughed employees back to work. The Government will also be looking for help from employers to cover the costs of the furlough scheme from this date, although finer details have not yet been released. For those clients that are having to remain closed until July at the earliest, this should help to provide some comfort for you and your team.
Once we have more details on the changes then we will update you.
We will be making the claims for May’s furlough payments on Monday 18th May, Demi or myself will be in touch in the next few days to confirm if there are any changes to be noted on your claims.
Self-Employed Income Support Scheme (SEISS)
The ability to process your claim is now live on the Government Gateway, if you haven’t got an account then please register for one here -https://www.gov.uk/log-in-register-hmrc-online-servicesyou will need your UTR number along with other personal information so that you can prove your identity. This will be the easiest and quickest way to make your claim, although HMRC have said they will be writing to those eligible as well and an option to apply without a Government Gateway account will be available.
We, as your agents are not allowed to make these claims for you unfortunately, we do not have access to the scheme.
A client has very kindly told us they have made a claim this morning, the funds are expected to arrive in 6 working days.
Bounce back loans
The loans became available 10 days ago and we have received notification from clients that the funds have been received quickly following their applications. The application process is relatively simple with a few questions being asked around the viability of your business and turnover details, no supporting documents are required.
You should apply for a loan with your business bankers if they are able to offer them. If not then the list of accredited lenders can be found here -https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/current-accredited-lenders-and-partners/
New accreditations are being given out by BBB regularly and so your bankers might be in the process of becoming accredited as well.
The BBLS is a very attractive loan, bringing a much needed quick and cheap solution to businesses. As with any borrowings though, please understand the risks before committing.
As ever, stay safe and healthy.