Category: UK

Is your shop located in the United Kingdom? You have options.

Is your shop located in the United Kingdom? You have options.

Our peers abroad are also being heavily affected by COVID-19 and the subsequent closures. But don’t worry, there are several avenues of support for you and your barbershop to explore.

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. To be eligible to apply for a CBILS loan through Funding Circle you need to meet the following criteria…

    • UK-based business
    • Turnover of up to £45 million
    • 3 years of trading history
    • Over 50% of turnover from trading activity (e.g. not from investments)
    • Loan is for business purposes
    • Loan primarily for trading activity in the UK

If you are planning to apply for a CBILS loan through Funding Circle, we suggest preparing the following documents:

    • Business bank statements for the last six months, which must show…
          • Account name and (where possible) the registered address. (These must match the business you create the loan application for.)
          • The sort code and account number.
          • All daily transactions.
          • A history of a minimum of six months (with the most recent being within one month of your loan application date). If you can select an exact date range, be as up to date as possible.
      • Latest full unabbreviated accounts, which must include…
          • Profit and loss
          • Detailed profit and loss
          • Balance sheet information

 

For more information regarding the CBILS, click here.  

Click here for a list of accredited lenders and partners in the UK (you can filter financial requirements and region). 

 

COVID-19 support is available not only to employers, but to the self-employed, as well. You may be eligible for loans, tax relief and cash grants. Use this business support finder to see what support is available for you and your business.

 

UPDATED: UK resources for barbershops affected by Coronavirus

UPDATED: UK resources for barbershops affected by Coronavirus

If you’re a business owner in the UK, here are some helpful links.

The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.

This includes a package of measures to support businesses including:

  • a Coronavirus Job Retention Scheme
  • deferring VAT and Income Tax payments
  • a Self-employment Income Support Scheme
  • a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
  • a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
  • the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
  • a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • the HMRC Time To Pay Scheme

For more information on eligibility, etc. – click here.

 

The FSB page for “advice and guidance for small businesses and the self-employed” in the wake of COVID-19, including news updates, tips, and webinars. Click here.

Small businesses in the UK to be boosted by bounce back loans…

  • UK Gov would back 100% of the loan, freeing the arranging banks to release funds with minimum fuss in what we believe will be quick online application. 
  • The loan will be up to 25% of business turnover with a £50k cap. Loans will be interest and repayment free for the first 12 months & we don’t envisage these loans being dependent on the companies ability to service debt into the future. 

More updates can be found at https://ihorizon.co.uk/covid-19