The Chancellor has now outlined the Coronavirus Business Interruption Loan Scheme (CBILS), which provides financial support to smaller businesses (SMEs) who are losing money through the COVID-19 pandemic.
The scheme has now been widened so more businesses can access it and will open on Monday 6th April.
The CBILS is operated by British Business Bank through a variety of accredited lenders, including high-street banks. Lenders will be able to approve up to £5 million per business as loans, overdrafts, and/or invoice finance.
You can find full details on the British Business Banking website here.
Self-employed income support scheme
The self-employed income support scheme outlines that workers net monthly earnings do not fall below “80 per cent of their monthly net earnings, averaged over the last three years, or £2500 per month, whichever is lower.” To help you understand what this means to you:
- We have attached a breakdown of the scheme.
- Read the Gov.uk self-employed income support scheme page here.
Give your feedback to the Government – how have you been affected?
Complete Exercise, Movement & Dance UK’s survey to submit your thoughts about self-employed income support scheme and any challenges you may have. Although the scheme is not suitable for every instructor your feedback is essential to understand what can be done to further support the sector. Feedback will be passed to Sport England and the UK Government. Complete the survey now by clicking here.
