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Throughout the pandemic, the government provided financial help to those who were self employed and struggling. The self-employment income support scheme (SEISS) was the fifth and final grant, applications for which closed on 30 September this year. Other financial help available during the pandemic has included:
- One-off top up retail, hospitality and leisure business grants of up to £9,000 per property
- A discretionary fund of £594m for other businesses
- Additional funding for local authority discretionary grants
The Self Employment Income Support Scheme (SEISS) opened for claims on the 29 July 2021. The take up for these grants declined steadily from the first to the fifth, construction worker claims making up a large percentage.
The Chancellor announced in the 2021 Budget, a new “recovery loan” scheme, information about this can be found here. Whatever size of business you have, you can apply for loans from £25,000 to £10m until the end of 2021. The Government also intends to offer a guarantee to lenders of 80%, which will compensate lenders should a borrower be unable to repay the loan. It’s hope that this guarantee will instil confidence and encourage lenders to approve loans, as the risk of not getting repaid will be reduced. The guarantee however does not absolve businesses of the debt, it still has to be paid eventually.
The Recovery Loan Scheme is intended to assist businesses to build and grow as they come to terms with the effects of Covid. The scheme aims to allow businesses to access further support when other government loan schemes (CLBILS, CBILS, BBLS) close. For any help or advice related to your business, whether it be financial or organisational, contact John S Culwick, [Chartered Accountant] on (01268) 680702 or (07940) 854321