We'll look to keep everyone up to date with all general goings on here at Spirare as well as offer our take on
industry related news
Summer Economic Update
Rishi Sunak unveiled his budget on 8 July 2020 in an attempt to boost the economy in the wake of the coronavirus pandemic.
Self-Employment Income Support Scheme
The Chancellor, Rishi Sunak, announced plans last week to extend the Self-Employed Income Support (SEISS) for those whose trade continues to be, or is newly, adversely affected by COVID-19. Eligible self-employed people will be able to claim a second and final SEISS grant in August.
CORONAVIRUS JOB RETENTION SCHEME UPDATE
The Chancellor announced last week three changes to the scheme:
Additional Grants for Small business
On the 2 May 2020, the Government announced additional support for small business that did not meet the existing criteria.
It has been widely reporting in the media that many businesses with property are missing out on the financial support.
The Government have therefore set up a discretionary fund to assist these businesses that have ongoing fixed property related costs.
Bounce Back Loans
The 4 May sees the launch of the Bounce Back Loans. This is aimed at the small and micro entities that require loans.
Further information has been released from our last article.
The interest rate for the facility is set at 2.5% per annum.
Lenders are not permitted to take personal guarantees or take recovery action over the borrower’s personal assets.
The borrower remains 100% liable for the debt.
Who can apply for the grant?
Following the announcement by the Chancellor Rishi Sunak on 26 March 2020 advising of the emergency package to support 5 million self-employed workers throughout Britain, there has been a further update to the guidance.
The scheme will be available to self-employed individuals or members of business partnerships, if the following are met:
