The Coronavirus Business Interruption Loan Scheme
(CBILS) is designed to specifically support small to medium-sized businesses,
with an annual turnover of up to £45 million by giving them access loans,
overdrafts, invoice finance and asset finance of up to £5 million spanning over
government will also make a Business Interruption Payment to cover the first 12
months of interest payments and any lender-levied fees. This will allow smaller
businesses to benefit from no upfront costs and lower initial loan repayments.
government will provide lenders with a guarantee of 80% on each loan (subject
to pre-lender cap on claims) to give lenders further confidence in continuing
to provide finance to small and medium-sized businesses. This means that as a
small to medium sized business you are more likely to be able to secure the
financial package you really need!
scheme is delivered through commercial lenders and is backed and regulated by
the government-owned British Business Bank.
If you want to have a look at all the lenders who are currently offering this scheme, which include all the major banks here is the link
This sounds like it could really help my business. Am I eligible?
eligible if your business:
- is based in the UK
- has an annual turnover of up to £45
- has a borrowing proposal which the
lender would consider viable, if not for the coronavirus pandemic
it’s worth noting that the following businesses are not eligible to apply:
- banks, insurers and reinsurers (but
not insurance brokers)
- public-sector bodies
- further-education establishments, if
they are grant-funded
- state-funded primary and secondary
I believe my business is definitely eligible. How do I apply?
The full rules of the scheme and
guidance on how to apply is available on the British Business Bank website.
The link can be found here
Or of course you can call us on 01384 271858 and consider it done.
In response to COVID-19 (coronavirus), the government has recently announced two grants that are now available to assist businesses during this difficult and challenging time.
These grants are being assessed and distributed by local authorities, not central government. The link in this blog covers the information given by Dudley Council as that is where our offices are based, however local councils all over the UK have similar schemes so if you’re not in the Dudley area don’t panic! Find your local authority here
grants are available to small businesses and those businesses in the retail,
hospitality and leisure sectors:
- A grant of £10,000 for most businesses with a Rateable Value
(RV) of up to £15,000
- Grants of £25,000 for businesses in retail, leisure and
hospitality with a rateable value between £15,000 and £51,000.
Dudley Council officers are working hard to identify businesses that qualify for this money and will be in touch if they believe you qualify.
Of course if you’re sitting there worrying about finances it’s hard to just relax and wait for information, so if you believe you may be entitled to either of the above grants, please complete the Business Rates Grant Proforma document and upload it using the Business Rates Grant online form. The form can be found here
This will help speed up the identification process and may mean you get your grant sooner!
Once you have completed
the document you’ll need to create an online account to submit it, if you don’t
have one already. If you do have one, just login and you’re good to go!
If, with the Proforma,
you are able to supply,
- recent bank statement, and
- if a sole trader, a recent utility bill
this will help Dudley Council
process your application more quickly.
Advanced Accountancy are currently working through a number of applications for our clients, so you may find it quicker and easier to have us go through your business information and make the application on your behalf. We have successfully secured many grants for businesses who are now facing uncertainty.
If you’d like our advice or help filling out the proforma form please call us on 01384 271858 or email us at firstname.lastname@example.org
Advanced Accountancy are commited to
communicating with you at this worrying time. We understand that the
information on the Gov website is overwhelming and complicated and it’s hard to
sit down and decipher pages of new information with so much chaos going on
Well, now you don’t have to.
Welcome to your daily ‘under the spotlight’ blog
which will simplyfy and breakdown each Government scheme that has been put into
place over the last few days.
Coronavirus Job Retention Scheme
At this uncertain time where your business income
is looking patchy (to put it kindly) and no one knows when things are likely to
start turning around, the last thing you need to worry about is paying your
employees. If you employee just one person, or have a workforce of thousands, covering wages can often be a
financial concern at the best of times. Its safe to say COVID-19 has far from
helped (unless you work in a toilet paper factory I suppose….)
Needless to say no employer wants to let down
loyal employees when they could well be facing financial difficulties of their
own. You know your employees all have mortgages, rent and bills to pay and the
idea of laying everyone off at such a time is really difficult to contemplate.
Thankfully help is at hand.
Under the Coronavirus Job Retention Scheme,
all UK employers will be able to access support to continue paying up to 80% of
their employees’ salary for those employees that would otherwise have been laid
off during this crisis. This protects your staff force, ensures that they will
be there when we emerge from the crisis, and takes a huge financial burden off
your struggling business. No difficult decisions need to be made! So, we know
there is an answer, but I guess you still have questions….Fire away!
Am I eligiable?
Yes, thankfully all UK businesses are eligable
for this scheme.
How do I access this scheme?
You will need to:
designate affected employees as ‘furloughed
workers,’ and notify your employees of this change. By changing the status of
employees they remain subject to existing employment law and, depending on the
employment contract, this may be subject to negotiation
You then submit information to HMRC about the
employees that have been furloughed and their earnings through a new online
portal (HMRC will set out further details on the information required very
HMRC will reimburse 80% of furloughed workers
wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set
up a system for reimbursement. Existing systems are not set up to facilitate
payments to employers, so bear with them on this one. We are all working hard
to accomdate an unexpected crisis!
As an employer you are able to top up the
remaining 20% if you are financially able to do so, and if you’re simply not in
the position to do that you can rest easy knowing that the vast majority of the
money is covered providing a safety net to your business and workforce.
This sounds time consuming. Are there any other
At Advanced Accountancy our qualified and
experienced payroll team are in an excellent position to facilitate these
complex changes ensuring the minimum disruption possible to your employees and
giving you the time and space to focus on keeping yourself and your community
as safe as possible.
If you believe that the above scheme would be of benefit to yourself and your company contact us today on 01384 271858 and rest easy knowing the wages are taking care of themselves.