For many UK businesses, the COVID 19 loans and grants have become a vital lifeline to help stabilise their business during the pandemic. On 17 December the UK Chancellor extended access to the Bounce Back Loan Scheme (BBLS), and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) until the 31 March 2021. If you have received a bounce back loan but not accessed the full amount you can apply for a top up.
What funding is available for businesses required to close?
Grants are available for businesses that are required to close by law as a result of COVID-19 restrictions. You can find out who is eligible and how to apply at the Strategic Framework Business Fund
For the latest funding information and how to manage the impact of coronavirus on your business visit Find Business Support
What funding is available for event venues?
Scotland is known for its music and arts industry and there is now a Pivotal Event Business Fund available to help those impacted by COVID-19. The £6 million fund is being delivered by Visit Scotland on behalf of the Scottish Government and has been developed in consultation with the Event Industry Advisory Group. Applications open at 12pm on 13 January and close on Monday, 18 January. You can find out about eligibility and how to apply at Pivotal Event Business Fund
What additional funding is available?
We understand Scottish Finance Secretary Kate Forbes is in discussions with Rishi Sunak to release extra funding from current reserves which could result in additional funding of around £1.7bn for Scotland.
What additional support is available?
Additional support measures have been put in place to help businesses. In November 2020 the Financial Conduct Authority (FCA) published fresh guidance across a range of issues including mortgages and consumer credit and loans. The thrust of these was to limit the maximum payment holiday to six months, which had to be agreed three months at a time.
As funding experts, we work closely with our clients to help raise finance to fund their business growth plans. The extension will no doubt provide a vital lifeline for many businesses, however, you may still require help managing your unique financial circumstances, understanding eligibility criteria or how to apply for funding. Please do not hesitate to contact us at info@ammu.uk