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Support for businesses – October 2020


Find out more about the range of measures that have been introduced to support businesses through the Covid-19 pandemic.

To help our valued community of borrowers, we have produced guides to download in an easy-to-use format. These contain details of schemes such as government-backed loans, job support and rates relief, with the content tailored for businesses in:

England
Scotland
Wales

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.

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.

Businesses in Scotland can also find a wide range of information and guidance at FindBusinessSupport.gov.scot

Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) can provide loans from £50,001 to £5 million for small and medium-sized businesses across the UK. The loans are interest free for the first 12 months. CBILS closes at the end of November, so be aware of this deadline if you are considering applying for a loan scheme.

LendingCrowd has been accredited as a CBILS lender and can offer loans from £50,001 to £250,000, with terms of either three years or five years. Find out more about CBILS loans from LendingCrowd.

Coronavirus Job Retention Scheme
From 1 October 2020, the UK Government will pay 60% of wages up to a cap of £1,875 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. Find out more.

Job Retention Bonus
The UK Government has announced a Job Retention Bonus to help businesses retain furloughed workers. A one-off payment of £1,000 will be made to employers for each furloughed employee who is still employed as of 31 January 2021. Eligible employees must earn at least £520 a month on average between 1 November 2020 and 31 January 2021. Employers using the Job Support Scheme will also be able to claim the Job Retention Bonus if they meet the eligibility criteria.

Advice
LendingCrowd cannot provide legal or financial advice. If you need advice from a Chartered Account, you can find one via the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland.

The Federation of Small Businesses is also a valuable source of information.

Contact LendingCrowd
The entire LendingCrowd team is working tirelessly to deliver the best possible outcomes for you and your business.

If you have any questions, please email contactus@lendingcrowd.com or call 0345 564 1600.

Article author

Gareth Mackie

Gareth Mackie

If you invest through LendingCrowd you should understand that your capital is at risk.

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

Read more about the risk involved when investing and borrowing.

The company's registered office is 23 Manor Place, Edinburgh, EH3 7DX.

Copyright © LendingCrowd 2020. All rights reserved.

Best P2P Business Lender ICAS

LendingCrowd is working with the British Business Bank to help deliver CBILS loans to SMEs affected by the Covid-19 pandemic. Find out more: