As promised, we are sending over an update on the guidance update released today, both the Eligibility Test for the Self Employment Support Scheme and the Business Bounce Back Loan Scheme Application Process have went live today, and details are featured below.
Self Employed Income Support Scheme
Anyone who is self employed and has filed an 18-19 tax return will be eligible to 80% of their NET monthly income, for three months, paid in one lump sum installment.
You can take the eligibility test HERE
The application process will be live from the 13th May, but once you have taken the eligibility test, you will be given a date of when you are able to apply from, so the earlier you can do this the better.
You'll need a note of your UTR number and NI Number, both of which will be on the first page of your last self assessment.
Payments are paid out within 6 days of an accepted application.
It is also worth mentioning that you will need to report the grant:
- on your Self Assessment tax return
- as self-employed income for any Universal Credit claims
- as self-employed income and that you’re working 16 hours a week for any tax credits claims
Bounce Back Loan Scheme
A lender can provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000.
The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).
The borrower always remains fully liable for the debt.
You can apply via your own business banking provider and initially reports from clients who applied this morning is that the application process is much simpler than the business interruption loan scheme. This may not be the case with all banks, but it is a positive improvement from previous reports!