The GGF was pleased to hear that its Member are now starting to get the essential financial support to keep their businesses going as the Coronavirus Job Retention Scheme payments have started arriving in companies’ accounts. In addition, Chancellor Rishi Sunak has announced news of a new bounce-back loan scheme enabling companies to get up to £50k within 24 hours of application approval.
Job Retention Scheme Pays Out after 7 Days
The GGF was pleased to hear that some Members have now received payment from the Government through the Coronavirus Job Retention Scheme, just seven days after the online portal opened for applications on 20 April 2020.
The Scheme which offers grants to pay for up to 80% of a furloughed employees’ wages was announced on the 25th March to help companies that have been affected by the impact of Coronavirus (COVID-19), and have furloughed their employees.
To read more details on the eligibility of the scheme and to apply/claim for the grant please go direct to the Government’s online portal by clicking the link below:
Chancellor announces support for small businesses
UK Chancellor Rishi Sunak has announced that small businesses will be eligible for new loans worth between £2,000 and £50,000. The loans will also be backed by a 100% government guarantee.
The Chancellor stated that the Government will pay the interest on these “bounce-back loans” for the first 12 months.
The scheme will open from 9:00am on Monday 4th May.
The chancellor says there will be “no complex eligibility criteria… just a standard form for people to fill in”.
The Chancellor confirmed the loans should arrive within 24 hours of approval of the application.
On this announcement, James Lee, GGF Director of External Affairs, commented, “The GGF wrote directly to the Chancellor on 9th April, asking for the small business grant scheme to increase from ten thousand pounds to thirty thousand pounds, so this new loan scheme has exceeded our request and expectations. It is also good to hear the application process will be straight forward and the payment will be swift once approved. The added bonus is that the loan will be interest free for the first 12 months.”
To find out more please visit https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans
Register to join a free webinar hosted by the Department for Business, Energy and Industrial Strategy at 11am on Monday 4 May to find out how small business can access the coronavirus business support measures that have been made available to UK businesses.
The webinar will cover:
- Eligibility for small business grants
- Applying for a loan
- Claiming for wages through the Coronavirus Job Retention Scheme
You will have the opportunity to ask questions during the webinar.
The GGF will publish more information on financial support for companies curing the COVID-19 crisis as and when we receive more details.