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 6^th 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.

On Thursday 26th March 2020, the Chancellor announced how self-employed and freelance workers will be supported as part of the Coronavirus Bill. As a group exercise instructor, here’s what you need to know:

What is it?

The self-employed income support scheme is a Government funded support scheme to allow self-employed and freelance workers access to funds during the coronavirus pandemic.

What can I get?

The scheme will allow people to access 80 per cent of their monthly net earnings, averaged over the last three years, or £2500 per month, whichever is lower.

What are the criteria for claiming?

You must:

• Be majority self-employed (i.e. most of your income is made from being self-employed)
• Make less than £50,000 profit per year
• Have filed a tax return for 2019

How do I claim?

HMRC will contact you directly. You will be required to fill in a form and send it back.

When does this come into effect?

The Government have confirmed the scheme should be set up by June 2020.

What can I claim in the meantime?

You are entitled to claim Universal Credit in full. Payments for Universal Credit are being made almost immediately.

Can I still run classes?

Yes. You are allowed to continue running your classes online.