BCC comments on start of formal UK/US trade negotiations

Take a look at our response to the news that the UK and US are to open formal negotiations on a future free trade agreement. Share with your members on Twitter and LinkedIn.

Self Employed Income Support Scheme – update

HM Revenue and Customs (HMRC) has updated their guidance on the SEISS:

HMRC is now contacting people who may be eligible for the SEISS
The claims service will open on 13 May
Applications will open in tranches based on the UTR number
Those eligible will have the money paid into their bank account by 25 May, or within six working              days of completing a claim.

People who may be eligible can now go online to check their eligibility. Take a look at the details here.

Bounce Back Loan Scheme (BBLS) now open for applications

The Bounce Back Loan scheme will offer loans from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower. The UK government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. The government has then set the interest rate for this facility at 2.5% per annum for subsequent years. No repayments will be due during the first 12 months. Length of the loan is for six years. There will be a short, standardised online application to apply for a loan. The scheme can be accessed through a network of accredited lenders. More information is available on our Coronavirus hub.