What financial support is available to me if I’m self-employed?
We’re keen to help protect our small business customers from the impacts of coronavirus and we’ve therefore introduced a £2 billion package of arrangement fee free finance for businesses with a turnover up to £25 million to help minimise disruption to your business operation over the coming weeks and months.
The financial support available includes:
1. No arrangement fees for new overdrafts or overdraft limit increases
2. No arrangement fees for new or increased invoice finance facilities
Find out more about the support package and how we can help protect and minimise disruption to our small businesses from the impact of coronavirus.
Additionally, the UK Government has introduced a coronavirus Self-employment Income Support Scheme for those who are self-employed or a member of a partnership and have lost income due to the virus. This scheme will allow those who are eligible to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
Find out more about the scheme and eligibility from Gov.uk.
If you are self-employed and you need to take time off work due to illness, you might be able to claim Universal Credit or New Style Employment Support Allowance through Gov.uk. Find out more about coronavirus and claiming benefits from Gov.uk.
HMRC have put various measures in place to help self-employed people and businesses during the coronavirus outbreak. Find out more from HMRC.
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