Additional information in relation to the SEISS and BBLS to be aware of prior to applying for support.

When can I claim the second Self-Employment Income Support Scheme Grant?

The scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If you’re eligible and your business has been adversely affected you must make your claim for the first grant on or before 13 July 2020.

This scheme has recently been extended. If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you’ll be able to make a claim in August 2020. You can claim for the second grant even if you did not make a claim for the first grant. Find out more about the extension to the scheme.

The Bounce Back Loan Scheme (BBLS) – will it affect my credit rating? As announced earlier this year, the BBLS enables smaller businesses to access finance more quickly during the coronavirus outbreak with low interest, fast-tracked loans of up to £50,000.

The government-backed guarantee on the loan is a guarantee to lenders, should a business default on the loan. Applicants and their businesses remain 100% liable to repay the full loan amount, as well as interest, after the first year. As borrowing from an accredited lender it will appear on your business credit report which can therefore affect any borrowing or re-finance requests in the future. Find out more about the BBLS and commonly asked questions.

We will continue to provide the information and tools to advise clients, so please keep reviewing the Online Hub for new material.

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