The one thing that is constant in the world is change and that is displayed quite well in recent times. The COVID-19 pandemic has allowed people to experience and see just how information on the disease is changing and how the rules set by countries are also changing with the new information that scientists have found regarding the disease. The changes should be adapted by people including any small business. Owners are thinking of small business rates relief and business relief that can help them keep afloat.
Is your small business eligible for a business loan or grant?
Coronavirus relief for a small business is a big help in these trying times. Business owners should start figuring out if his or her business is eligible for a business grant or loan. Most owners would prefer getting a grant since they do not have to pay it back – please visit the government website here to see if you are eligible. Online are a number of grants available for small businesses this 2020. Owners can also choose to send in an application for business loans from the government especially if the small business has suffered greatly because of the pandemic. Applying can be easy enough and repaying should not be a problem given the easy repayment schemes – for more information click here.
Is there a job support program for small business forced to close?
For businesses that had to close because of the pandemic, the government has the Job support Scheme though this program has been postponed indefinitely for the time being. It was created to be able to help out businesses that had to close their doors because of lockdowns that were implemented during the pandemic. With this, small business owners can pay employees 2/3 of their regular salary, as long as it is within £2500 monthly. The business should be closed to be eligible for this and the employees cannot work for at least a week.
What are Bounce Back Loans for small businesses?
Known as the Bounce Back Loan Scheme, this allows small businesses and medium enterprises to borrow at least £2,000 to £50,000. This is a loan and totally gets backing from the UK government. Those who take advantage of the loan do not need to pay for one year. After that period, the interest rate should be 2.5% annually. This loan should be paid within six years but it is highly recommended that if capable, those who take advantage of the loan should pay early to avoid any additional fees. Businesses that are eligible for this should be based in the United Kingdom, had experienced a negative impact because of the pandemic, and has been established before March 1st, 2020. The business should also not be a bank, a public body, a school funded by the state, or an insurer.
Is there any kind of coronavirus relief for self-employed workers?
The Self-Employment Income Support Scheme (also known as SEISS) is a number of grants that have been made to help provide support for individuals who are self-employed and who have their businesses affected negatively by the pandemic. Those who can take advantage of this should have trading profits that are not over £50,000. Half of the person’s income should come from being self-employed. This is a grant so those who get approved for it need not worry about paying the money back. To be able to have this, a person has to have a tax return for 2018 to 2019. The business should not be a limited company and it should also not be trading via a trust. The individual should have done trades for the 2019 to 2020 tax year. They should also be trading upon application or may have continued trading if not for the pandemic. The individual should also have plans to continue trading for the 2020 to 2021 tax year and they should also have lost any profits from trading because of the pandemic.
Is there any kind of relief for individuals who have to pay loans and credit cards?
During the pandemic, the Financial Conduct Authority has worked with lenders so that the latter would be more flexible with their rules to help out all customers given the circumstances. Payment holidays would continue so this means that any customer who still hasn’t had a deferral from payment can get one for a period of six months. However, those who can continue paying should do just that. This payment holiday would not have any negative impact on the credit score. To get this support, customers should contact their lenders.
Is there any kind of help for employed people with disabilities?
The Employment and Support Allowance (which is also known as ESA) has been made to help individuals who have a disability or have a health condition which affects the amount of work that they can do. Those who fall under this category can apply for the ESA to get help during this pandemic. This can be done by individuals who are not able to get Statutory Sick Pay or if the person (or his/her child) is ill or is in self-isolation because of the virus.
There are different types of small business rates relief that would help owners, employees, and any small business during this pandemic. Business relief is very much welcome as it helps people with any financial constraints brought about by the lockdowns during the pandemic.
published under Business Address Guides
