Corona Virus Grants

[Siting Services]

Hi All

I have had many customers contact me in the last day or so asking if I knew if the self employed/sole traders are going to be offered any monetary help during this crisis. It looks like in today’s Government announcements that there will be grants available to small businesses of £10k. It is not known as at the time of writing how you apply for this grant, at least they are looking after the sole traders and self employed.

If anyone finds out any further information, please post it here so that we can share the information and help each other out during these challenging times.

Barbara

[DT Vending]

I Also heard this and also a 3 month break for Mortages, Loans credit cards etc.

[Coin Operated Group]

3 month break is a waste of time, interest still piles up.

[Quinch]

I know the exact details still seem somewhat undefined but it appears to break down like this:

Large businesses, airlines, train companies etc = government bailouts to the tune of millions (see the banks in 2008)

Small to medium businesses = rates holidays, help paying employees wages, low rate loans, possibility of grants

Employees = up to 80% of their wages paid (up to £2500 a month)

Sole Trader self-employed ....................................................................................= apply for benefits

I hope I'm wrong as I'm in that last category so please correct me if you think I am

[popp665]

That’s the way I see it hopefully we’re wrong!

[Style]

Matt, my mortgage payments are about 4k per month. Interest is only about £730 of that. Only the interest is added on afterwards so £2200. The mortgage payments on that extra £2.2k will be about an extra £12 a month. No brainer for me.

It does depend on your situation but I have buy to let properties and my tenants have all been told there is feck all i can do if they dont pay the rent. An invite to take the ****!

[Quinch]

Martin Lewis at Money Saving Expert yesterday:

SELF EMPLOYED/FREELANCE? Try to hold on - the support package should come this week. There's a real feeling of panic growing among the UK's self-employed. While there are some measures in place, they're simply not enough yet, so I've two important points...

a) I have it officially CONFIRMED the Govt is working on a further support package (some reports say it'll be as soon as Wed, but it'll almost certainly be by Fri). I don't know what it is, but suspect it'll be on a par with the 80% of your salary up to £2,500 for employees. So hold tight, and don't make any drastic decisions until that's announced.

For more, and for updates when we get news, see our self-employed coronavirus help including my video briefing.

b) Check the measures already in place to see if they can help, including deferring tax payments and claiming employment support allowance if you're sick. Plus crucially, don't dismiss universal credit (see below for why).

Don't dismiss universal credit. The changes are bigger than you think - especially for housing costs. Universal credit is a benefit available to many who are employed, self-employed, unemployed or on low incomes (but usually not pensioners), provided you've less than £16,000 savings in your household.

Last week, most people focused on the '£1,000 more a year' increase, which of course is only £20/week, but that's just the standard allowance. The housing allowance - which can cover rent, mortgage interest and service charge - has been unfrozen, so payouts can be larger (owner-occupiers can get help via support for mortgage interest payments). For example, in one London borough, for a two-bed home the max was £1,390/mth, it could now be as high as £1,550/mth.

Overall, some may be eligible for £1,500+/mth, and as there's no tax taken off. That's getting close to the max furlough payment for employees.

I know many are scared of sanctions and are worried about universal credit, but the strong message I'm getting from the DWP right now is don't be scared, they want to provide support this way. For more help, read our coronavirus universal credit explained info and use our 10-min benefit check.

[Coin Operated Group]

universal credit is not applicable if you have savings of 16k or over I believe?

[Style]

Good old Rishi sorted us out. Me and the Mrs both self employed. Both no income at the mo. 3 months holiday paid by the government

[Coin Operated Group]

Good news