Small Business Bounce Back Loans – May The 4th Be With You!

How small businesses can strike back and win the Coronavirus war…

Today is the day the most useful loan initiative for SMEs goes live, the Bounce Back Loan Scheme (BBLS).

Coincidence? Parallel universe? It probably feels like it!

Cash grants for small property based businesses and job retention scheme grants have been coming in and gratefully received.

Government initiatives continue to be provided to help small businesses survive the crisis and recent improvements include:

  • Job retention scheme – extension to the end of June
  • Small business grants – further funds for businesses with fixed property costs such as shared spaces, regular market traders and bed and breakfasts
  • Zero rated VAT on e-publications brought forward to 1 May (from 1 December)

The self employed income support scheme kicks off ‘mid-May’ and expect to see cash coming in during June.

Where these initiatives aren’t enough for your business, you may want to consider the new Bounce Back Loans, the cheapest finance you’ll probably ever be offered.

Here’s some guidance to help you: https://www.onthespottax.co.uk/blog/entry/2020/05/03/small-businesses-may-the-4th-be-with-you

At the risk of upsetting Star Wars fans: Live long and prosper!

Paula Tomlinson BFP FCA CTA

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