In this video I give you an Update on what Small Business Loans/Stimulus are/is available in the UK during the COVID-19 (Coronavirus) pandemic, how to apply for these loans and some interesting facts about them.
Latest updates - 00:00 - 02:50
Rishi Sunak has introduced some new measures in the form of the bounce-back loan, to help small business' get up to £50,000 stimulus loans in a matter of a few days, this comes after criticism that the CBILS scheme was taking too long to distribute funding.
The Bounce Back loan and CBILS stimulus loan (Coronavirus Business Interruption Loan Scheme) are great as they are available for almost all business' in the UK and the government will make all interest repayments for the first 12 months.
The Future Fund loan is also new, however, this loan is a bit different as it is a convertible loan and the funding provided by the government has to be matched by an external investor.
How to apply for these loans - 02:50 - 06:00
For the CBILS and Bounce Back stimulus loans you have to apply directly to the accredited lenders, for example, Barclays. You will likely have a call back and have to provide information such as a business plan/proof of hardship and repayment ability.
The future fund loan has only just been released and the application process for this loan is currently unknown. But, you will have to also find an external investor to provide equal funding to the gov, this portion of the loan is also convertible.
Job Retention scheme grant and other updates - 06:00 - 07:46
The job retention scheme is now open to make a claim for business owners, you'll need to be registered for PAYE online and have your PAYE reference number. You also need a spreadsheet detailing how much you wish to claim by employee. All months salary data should be combined into 1 line per employee.
There has been little update on support for employees or the self employed, however, I will keep up to date with any developments and make you all aware.
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The information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Thomas MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Thomas' videos. If you need such advice, please contact a qualified accountant, solicitor, insurance agent, contractor/electrician/engineer/etc. or financial advisor.
This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
#SmallBusiness #Loans #SupportGuide
Latest updates - 00:00 - 02:50
Rishi Sunak has introduced some new measures in the form of the bounce-back loan, to help small business' get up to £50,000 stimulus loans in a matter of a few days, this comes after criticism that the CBILS scheme was taking too long to distribute funding.
The Bounce Back loan and CBILS stimulus loan (Coronavirus Business Interruption Loan Scheme) are great as they are available for almost all business' in the UK and the government will make all interest repayments for the first 12 months.
The Future Fund loan is also new, however, this loan is a bit different as it is a convertible loan and the funding provided by the government has to be matched by an external investor.
How to apply for these loans - 02:50 - 06:00
For the CBILS and Bounce Back stimulus loans you have to apply directly to the accredited lenders, for example, Barclays. You will likely have a call back and have to provide information such as a business plan/proof of hardship and repayment ability.
The future fund loan has only just been released and the application process for this loan is currently unknown. But, you will have to also find an external investor to provide equal funding to the gov, this portion of the loan is also convertible.
Job Retention scheme grant and other updates - 06:00 - 07:46
The job retention scheme is now open to make a claim for business owners, you'll need to be registered for PAYE online and have your PAYE reference number. You also need a spreadsheet detailing how much you wish to claim by employee. All months salary data should be combined into 1 line per employee.
There has been little update on support for employees or the self employed, however, I will keep up to date with any developments and make you all aware.
Social media
Instagram - ThomasJamesYT - https://instagram.com/thomasjamesyt
TikTok - ThomasJamesYT - https://tiktok.com/ @thomasjamesyt
Subscribe for more property related content - https://youtube.com/channel/UCRTndpz_fpcVcoVe0QF1IgA
The information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. IF stocks or companies are mentioned, Thomas MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Thomas' videos. If you need such advice, please contact a qualified accountant, solicitor, insurance agent, contractor/electrician/engineer/etc. or financial advisor.
This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
#SmallBusiness #Loans #SupportGuide
I'm doing taxation module on this. this really helped thanks a ton
Can you get a grant or loan if you own buy to let portfolio in your personal name not a company great vid .
You've sure done your research! Really good info, thanks!
I’m a business owner and turn over for last 4 years has done from 200k to last set of accounts 4 million and suffered hardship.
I like your videos but you statement on low interest rates on the loans is massively wrong there ridiculously high and they always try and push you on to one of there own loans we are struggling to get one and nearly have a million pound in assets
Intresting video this
Great video, not a business owner yet, but information is King!
loving the vids!
great video! keep it up
Let me know what else you think the government should do to support small business' and employees during this time