In response to the coronavirus (Covid-19) pandemic, a range of measures have been announced by the UK Government and devolved administrations to support businesses through this fast-changing situation.
To help our valued community of borrowers access this information and support in an easy-to-use format, we have published guides for you to download, with the content tailored for businesses in:
We will update these guides as more information becomes available, so please visit the LendingCrowd blog regularly to keep up with developments. If you are not a LendingCrowd borrower, please feel free to use and share these guides if they help.
UK Government support measures
This is a rapidly evolving situation and the UK Government has set out a number of measures aimed at supporting businesses through the outbreak. Find out more on the UK Government website.
Bounce Back Loans
This new loan scheme for small businesses offers loans of between £2,000 and £50,000. The UK Government will pay interest and any fees for the first 12 months. No repayments will be due during the first 12 months. Find out more on the UK Government website.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme can provide loans of up to £5 million for smaller businesses across the UK. The loans will be interest free for the first 12 months.
Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, employers can access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off due to Covid-19. ‘Furloughed workers’ will receive 80% of their current salary, up to a cap of £2,500 per month. On 12 May 2020, the Chancellor announced that the scheme would be extended until the end of October.
Self-Employed Income Support Scheme
Self-employed people (including members of partnerships) can claim financial support to help them during the Covid-19 outbreak. This scheme will allow you to claim a taxable grant worth 80% of average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500.
The Federation of Small Businesses is also a valuable source of information: https://www.fsb.org.uk/campaign/covid19.html
We’re keen to speak to as many of our borrowers as possible at this time. It’s important to maintain a dialogue, so if we have not already been in contact you can expect to hear from us soon.
The entire LendingCrowd team is working tirelessly to deliver the best possible outcomes for you and your business. Thank you for your continued support.
If you have any questions, please email firstname.lastname@example.org or call 0345 564 1600.