Bounce Back Loan Scheme (BBLS)
The Coronavirus Bounce Back Loan Scheme (BBLS) enables smaller businesses affected by COVID 19 to access finance with and loans of up to £50,000. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
Business Interruption Loan scheme
The Government Business Interruption Loan scheme helps small and medium-sized businesses (annual turnover of up to £45 million) affected by coronavirus (COVID-19) to access finance of up to £5 million. The scheme provides financial support to smaller businesses affected by coronavirus where the government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
Coronavirus Statutory Sick Pay Rebate
A new online service has launched for small and medium sized employers to recover Statutory Sick Pay (SSP) payments made to their employees. The scheme allows small and medium-sizes employers(with fewer than 250 employees) to apply to HMRC to recover costs of paying coronavirus-related SSP.
The service starts on the 26 May 2020 and employers will received repayments at relevant rate of SSP for eligible periods of sickness starting on or after 13 March 2020.
Idox Open 4 Business
Idox Open 4 Business is a portal designed for SME’s to to search for grants, special loans and awards depending on eligibility for each business or start up. Registration is free and provides access to a comprehensive databases of funding opportunities and business advise services.
Businesses can search for funding, generate reports, access news items in full and set up alerts to receive updates regarding suitable funding opportunities.
To make the most of this portal, please refer to the guide which provides handy tips and hints.
Please note: Normally, Hounslow Council pays a subscription fee to enable companies in Hounslow to access the platform free of charge via our webpages. However, in recognition of the current very challenging business climate and to make the platform accessible to as many businesses as possible, IDOX Open 4 Business will not be charging us for a period of six months. We would like to thank them very much for this generous offer and support at this time.