We're bringing you regular updates on business topics in relation to the COVID-19 pandemic.

Help for Self-Employed

The Chancellor has announced financial support for the self-employed up to 80% of monthly profit, up to £2500. The scheme is expected to be available in June and applies to those with trading profits up to £50,000. Like the Coronavirus Job Retention Scheme, it is expected to run for 3 months but can be extended if necessary. In order to qualify, self-employment tax returns for 2019 must have been filed, although the Chancellor has extended the deadline for returns for four weeks. Those who started self-employment after 6th April 2019 will not qualify.

Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme launched on Monday 23rd March can provide facilities of up to £5m for smaller UK businesses who are experiencing lost or deferred revenues leading to disruptions of their cashflow. CBILS supports a wide range of business finance products including term loans, overdrafts, invoice finance and asset finance facilities. The scheme provides the lender with a government-backed guarantee potentially enabling a “no” credit decision from a lender to become a “yes”.

Coronavirus Housing Market Slump

Zoopla have predicted a 60% slump in housing transactions after the Government urged people not to move house in an effort to limit the spread of Coronavirus. The Government have advised there “is no need to pull out of transactions” however lenders are concerned about the effect of the pandemic on valuations, and banks are worried about granting mortgages during this uncertain time.

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