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.
The Federation of Small Businesses is also a valuable source of information: https://www.fsb.org.uk/campaign/covid19.html
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.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme can provide loans from £50,001 to £5 million for smaller businesses across the UK. The loans will be interest free for the first 12 months.
Bounce Back Loans
This 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 Job Retention Scheme
Under the Coronavirus Job Retention Scheme, which is now closed to new entrants, the UK Government will pay part of the salaries of employees who would otherwise have been laid off due to Covid-19. Employers can bring furloughed staff back to work part-time and claim support for the hours not worked.
From 1 September, the UK Government will pay 70% of wages up to a cap of £2,187.50 for the hours the employee is on furlough. Employers will pay pension contributions, employer National Insurance Contributions and top up employees’ wages to ensure they receive 80% of their wages – up to a cap of £2,500 – for the time they are furloughed. The scheme will close at the end of October.
The UK Government has announced a Job Retention Bonus to help businesses retain furloughed workers. Employers will receive a one-off bonus of £1,000 for each furloughed employee who is still employed as of 31 January 2021.
Self-Employed Income Support Scheme
Self-employed people (including members of partnerships) can claim financial support to help them during the Covid-19 pandemic. The first phase of this scheme allowed individuals 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.
Those who were eligible for this grant and can confirm their business was adversely affected on or after 14 July can make a second claim, with grants capped at £6,570, covering 70% of average monthly trading profits for three months. Claims for this second grant must be made on or before 19 October
The entire LendingCrowd team is working tirelessly to deliver the best possible outcomes for you and your business. Thank you for your continued support.
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