The Coronavirus Business Interruption Loan Scheme (CBILS) is due to end this month.
The deadline for accredited lenders to review applications was recently extended until 30 November BUT businesses wishing to receive funding via the CBILSmust have submitted their applications by 30 September 2020.
This means time is running out to benefit from this loan, which offers no interest for the first 12 months, no upfront fees and funding facilities of up to £5 million.
If you have an existing Bounce Back Loan then you may still be eligible for a larger CBILS loan. You cannot have both a Bounce Back Loan and a CBIL at the same time, but we understand a loan under the latter could be used to consolidate a Bounce Back Loan.
Please contact us to find out how we can help with your application.
The Treasury has confirmed that the minimum private pension age will increase from 55 to 57 in 2028.
Currently, savers can take some or all the cash held in private pension pots at age 55, including taking 25% of their savings tax free.
The age will be raised to 57 from 2028, meaning those currently aged 46 and below face having to rethink their plans if they had intended to use pension savings to clear a mortgage or take early retirement.
Ministers announced last week that businesses required to shut because of local lockdowns or targeted restrictions will now be able to claim up to £1,500 per property every three weeks.
To be eligible for the grant, a business must have been required to close due to local Covid 19 restrictions. Businesses that are still closed at a national level (e.g. nightclubs), will not be eligible.
The largest businesses (those occupying premises with a rateable value/rent/mortgage payment of £51k or above) will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000.
Local authorities – who will be responsible for distributing the grants - will also receive an additional 5% pot to help businesses affected by closures who may not be on the business rates list. Payments made to businesses from this discretionary fund can be up to £1500 - and may be less than £1000 in some cases.
As mentioned in earlier newsletters, scammers have taken full advantage of people’s heightened vulnerability in recent times...which means we all must be extra cautious with communication purporting to be from HMRC.
The gov.uk website provides examples of phishing emails and bogus content to help decide if contact is genuine.
Please look here if you receive anything suspicious:
Businesses have had a lot to deal with this year. The wider impact of the crisis is immeasurable, and uncertainty continues. Despite this, we must remain positive and do what we can to bounce back!
SMEs contribute hugely to the economy - locally, nationally, and globally (The World Bank estimates they make up 90% of the global economy and more than 50% of employment worldwide) – so we see your recovery and success as vital for everyone.
During the pandemic, we have seen ourselves as our clients’ ‘emergency service’; providing enhanced support and helping to access schemes and finance that have been made available over the past months.
And going forward, we want to assure you that we are – absolutely - here to:
• help you understand the vast amount of information that SMEs must navigate.
• share information in a timely and digestible way.
• answer your questions and reassure you throughout your entire business journey.
Please don’t ever hesitate to contact us if you have any questions – we WANT to support you and your business!
WE ARE HERE TO HELP
We are here to help and support you. If you need any advice please get in touch.
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