Before the weekend, we wanted to update you with regards to the current COVID-19 measures put in place by the government.
We are pleased to report that most clients we have heard back from have stated how easy they found the process and grants have been paid out in a timely manner.
A small majority however have run in to some issues and if you do please let us know as we may be able to help.
Self-employment income support scheme
We have had a lot of calls asking if there have been any developments in the scheme and understandably so. Unfortunately as of today the current guidance from HMRC is that they will be contacting people in mid-May with the view of making payments by early June.
Rest assured that as soon as there are any developments we will keep you informed via another blog, so keep your eyes out for that.
One additional point on this is that HMRC do appear to have stated this grant will not need to be repaid.
I include a link below which includes updates and additional information on the scheme if you wish to read it.
Bounce back loan
Following on from Jeremy’s blog we have been attempting to get additional information on these and have the following updates.
- They are unlikely to be ready from the promised date of Monday the 4th of May. This is due to the banks being slow to sign up to the scheme.
- The one bank that as of yesterday had signed up were Starling.
When announced, the government stated that the loans would be available for an “undertaking not in difficulty”. The wording of that appears to have been taken from legislation currently in place and assuming that applies, the qualification to meet not being in difficulty will be;
- That the business/company can pay its debts as they fall due.
- The value of the assets exceed the liabilities (including contingent)
The date they have stated you need to meet the test on is the 31st December 2019.
Please note the above is from third parties so although they are from reliable sources we cannot guarantee all the information is accurate.
Some more positive news! Clients are reporting that they are starting to receive the funds in to their bank account for these claims. It would appear that HMRC are doing a good job on processing these.
We are finding that the payment is taking around 5 days so within the 6 days promised by HMRC!
I hope you find the above helpful and as always please do not hesitate to get in touch if you have any queries.