Applications open for government backed "bounce back" loan scheme
The new ,Bounce Back Loans scheme is now ,open for applications. The scheme allows small and medium-sized businesses to borrow between £2,000 and £50,000 and access the cash within days.
On Friday, the Chancellor sent ,a letter to all accredited lenders under the Coronavirus Business Interruption Loan Scheme (CBILS) setting out the interest rate that Bounce Back Loans will be offered at and outlining legislative and regulatory changes being made to support the delivery of the scheme.
Self-employed invited to get ready to make their claims for support
HMRC is beginning to contact customers who may be eligible for the Government’s Self-Employment Income Support Scheme.
Those who are eligible will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment.
You can check your eligibility using the new online checker tool. Once the online check is complete, those who are eligible will be given a date when they can submit their claim.
The claims service will open on 13 May and is being delivered ahead of the original timetable. The claims process will be very simple, and those eligible will have the money paid into their bank account by 25 May, or within six working days of completing a claim.
There is also further guidance available on ‘How HMRC works out trading profits and non-trading income for the Self-Employment Income Support Scheme’ and ‘How different circumstances affect the Self-Employment Income Support Scheme’.
Government launches test, track and trace plan
Isle of Wight residents will be the first to get access to a new contact tracing app as part of government action to minimise the spread of COVID-19.
The Isle of Wight was chosen to trial the project because it has a single NHS trust that covers all NHS services on the island. Everyone on the island will receive access to the official NHS COVID-19 contact tracing app from this Thursday, with NHS and council staff able to download from 4pm today, Tuesday 5 May.
The app is part of the government’s next phase of the coronavirus strategy and will improve understanding of how a new integrated approach to test, track and trace will work for the rest of the population.
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