Summary of Government Support produced by Prager Metis LLP – Last updated 4 May 2020

COVID 19 News and Updates – UK | Prager Metis | May 04, 2020

  • Finding Financial Support

The Government has launched an on-line tool to help both Companies and the self-employed find details of the loans, tax relief and grants they may be eligible for.

The business Support Finder can be found at the following web page Click Here.

  • Coronavirus Support from Business Representative Organisations (BRO) and Trade Associations (TA) – Industry list updated

The Government’s webpage setting out Business Representative Organisations and Trade Associations providing coronavirus related support has been updated (See Here).

The webpage now contains 32 industry sectors ranging from Beauty, Fashion and Entertainment to Technology, life science and Construction with links to BRO’s and TA’s in each sector.

  • Bounce Back Loan Scheme goes live

The Government’s Bounce Back Loan Scheme (BBL) went live today (4 May 2020) at 9am.

The scheme which is eligible to most businesses types  (including Companies, Partnership’s and Sole Traders) is aimed at providing loans of up to £50,000 or 25% of your annual turnover if that is lower.

The interest rate on the loan is 2.5%, the Government will cover the first 12 months of interest and no repayments will be required for the first twelve months.

The Scheme is being operated through the High Street Banks, all of whom have set up dedicated webpages through which applications can be made.

To minimise the application process we would recommend that if you are looking to apply through the BBL loan Scheme that you do so through your current bank as this should mean that you should not be required to complete the Know Your Client Processes.

Full details about the BBL Scheme can be found at the British Business Bank’s website (Click Here.)