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Covid-19 Update 2. Thursday 19th March 2020

Regarding business loans help is expected to be available on Monday 23rd March 2020 called ‘Coronavirus Business Interruption Loan Scheme’ (CBILS).

Businesses will need to apply through a participating lender. The full eligibility criteria has not yet been published, though at the time of writing includes:
• turnover of no more than £41 million per annum
• Operate within an eligible industrial sector (Churches are not eligible)
• Have a sound borrowing proposal, but insufficient security to meet the lender’s requirements.

Interest Rates: Today, the 19 March 2020 the Bank of England cut interest rates even further to 0.1% and announced additional quantitative easing measures. (that means, they are printing money)

Mortgage holidays: Individuals who are struggling to pay their mortgage as a result of difficulties caused by the coronavirus can apply for a three-month mortgage holiday. To do this you should contact your mortgage provider as soon as possible to discuss your circumstances – you should aim to do this before actually missing a payment.  

Sick leave: This is from day one, rather than day four. This is for workers affected by Covid-19 at the moment.

Self employed: You “may” be eligible for council tax reduction or welfare support. Details are not yet published.

Here is a link about UC (Universal Credit): https://www.understandinguniversalcredit.gov.uk/coronavirus/

“Support for Businesses” here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 

 

More details here as they come to hand.

Peter