(Updated 17th March 2021)
An obvious reason to pursue a grant is that you don't have to pay it back. You should always explore the advantages of grants before loans and if necessary use both depending on your situation.
Here is more information on the grants on offer:
What: SEISS
How much: up to £7,500
Deadline: 31 May 2021
Self-Employment Income Support Scheme fourth grant
The UK government recognises the continued impact that coronavirus (COVID-19) has had on the self-employed and announced in November that there would be a fourth grant.
At the Budget it was confirmed that the fourth SEISS grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.
Eligibility:
To be eligible for the fourth grant you must be a self-employed individual or a member of a partnership.
To work out your eligibility we will first look at your 2019 to 2020 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
If you’re not eligible based on your 2019 to 2020 Self Assessment tax return, we will then look at the tax years 2016 to 2017, 2017 to 2018, 2018 to 2019 and 2019 to 2020.
What: Kickstart Scheme
How much: £1,500 funding per job placement
Deadline: December 2021
Kickstart Scheme Grant Funding
If you are an employer looking to create job placements for young people, apply for funding as part of the Kickstart Scheme. The Kickstart Scheme provides funding to create new job placements for 16 to 24 year olds on Universal Credit who are at risk of long term unemployment. Employers of all sizes can apply for funding which covers:
Employers can spread the start date of the job placements up until the end of December 2021. You’ll get £1,500 funding per job placement. This is for setup costs and to support the young person develop their employability skills. If someone else helps you to do some of this for you, you’ll have to agree how you will share this money.
Eligibility: Employers of all sizes can apply for funding.
What: LRSG
How much: up to £9,000
Deadline: N/A
Local Restrictions Support Grant
Chancellor has announced one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. All businesses need to apply for a grant through their local authorities. The Government is giving the new funds to councils to distribute to businesses large and small, as it did back in November during the second national lockdown. One-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK. the one-off top-ups will be granted to closed businesses as follows:
Eligibility: Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant. Business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding.
Click find out more for the link to the Government website to find the right local authority for application.
Loans on offer depend on your circumstances. It is advisable to analyse your cash flow for the next 6-12 months, taking into account the current climate. How many customers can you serve in the next few months if covid restrictions continue? Be very wary if you need to add any element of a personal guarantee and take advice where needed. A loan could help tide you over, but just ensure it works for your evolving business too.
Here is more information on the loans on offer:
The Recovery Loan Scheme will ensure businesses continue to benefit from Government-guaranteed finance throughout 2021.
Deadline: 31 December 2021
With non-essential retail and outdoor hospitality reopening next week, Ministers have ensured that appropriate support is still available to businesses to protect jobs. From today, businesses – ranging from coffee shops and restaurants, to hairdressers and gyms – and can access loans varying in size from £25,000, up to a maximum of £10 million. Invoice and asset finance is available from £1,000.
This is in addition to furlough being extended until 30 September, and the New Restart Grants scheme launched last week, providing funding of up to £18,000 to eligible businesses. The Government is also supplementing this with the Plan for Jobs, focused on protecting, supporting and creating jobs across the country through the Kickstart scheme, T-level and a National Careers Service.
The scheme, which was announced at budget and runs until 31 December 2021, will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders. 26 lenders have already been accredited for day one of the scheme, with more to come shortly, and the government will provide an 80% guarantee for all loans. Interest rates have been capped at 14.99% and are expected to be much lower than that in the vast majority of cases, and Ministers are urging lenders to ensure they keep rates down to help protect jobs.
The Recovery Loan Scheme can be used as an additional loan on top of support received from the emergency schemes – such as the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme – put into place last year.
Small firms will be able to take out interest free loans worth up to £50,000 under a new emergency micro-loans scheme.
Deadline: d̶e̶a̶d̶l̶i̶n̶e̶ ̶c̶l̶o̶s̶e̶d̶
New “bounce-back” loans will be 100 per cent guaranteed by the Government. The Government will cover the interest on the loans for the first 12 months, with firms able to pay back the remaining balance over the next five years at “very low” interest rates. This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
Eligibility:
Your business must be able to self‑declare to the lender that it:
The Coronavirus Business Interruption Loan Scheme (CBILS) supports small and medium-sized businesses, with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for a period of up to 6 years.
Deadline: d̶e̶a̶d̶l̶i̶n̶e̶ ̶c̶l̶o̶s̶e̶d̶
The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This means smaller businesses will benefit from no upfront costs and lower initial repayments.
The government will provide lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to small and medium-sized businesses.
The scheme is delivered through commercial lenders, backed by the government-owned British Business Bank.
Eligibility:
Your business must:
A government-backed loan scheme for large businesses affected by coronavirus for firms with a turnover of more than £45 million.
Deadline: d̶e̶a̶d̶l̶i̶n̶e̶ ̶c̶l̶o̶s̶e̶d̶
As of 26th May, 2020, companies who qualify will now be able to apply for up to £200 million of finance, with certain restrictions. To apply, companies must choose a lender who is accredited by the scheme.
Eligibility:
Your business must:
Lenders will need further information to confirm eligibility. All lending decisions remain fully delegated to the accredited lenders.
Businesses from any sector can apply, except the following:
The Government has announced an extension to the Future Fund.
Deadline: d̶e̶a̶d̶l̶i̶n̶e̶ ̶c̶l̶o̶s̶e̶d̶
The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
Eligibility:
Your business is eligible if:
Your privacy is important to us. It is Howsam Limited’s policy to respect your privacy regarding any information we may collect from you across our website, http://ryanhowsam.com, and other sites we own and operate.
1. Information we collect
Log data
When you visit our website, our servers may automatically log the standard data provided by your web browser. It may include your computer’s Internet Protocol (IP) address, your browser type and version, the pages you visit, the time and date of your visit, the time spent on each page, and other details.
Device data
We may also collect data about the device you’re using to access our website. This data may include the device type, operating system, unique device identifiers, device settings, and geo-location data. What we collect can depend on the individual settings of your device and software. We recommend checking the policies of your device manufacturer or software provider to learn what information they make available to us.
Personal information
We may ask for personal information, such as your:
Name
Date of birth
Phone/mobile number
Home/Mailing address
Work address
Payment information
2. Legal bases for processing
We will process your personal information lawfully, fairly and in a transparent manner.
We collect and process information about you only where we have legal bases for doing so.
These legal bases depend on the services you use and how you use them, meaning we collect and use your information only where:
it’s necessary for the performance of a contract to which you are a party or to take steps at your request before entering into such a contract (for example, when we provide a service you request from us);
it satisfies a legitimate interest (which is not overridden by your data protection interests), such as for research and development, to market and promote our services, and to protect our legal rights and interests;
you give us consent to do so for a specific purpose (for example, you might consent to us sending you our newsletter); or
we need to process your data to comply with a legal obligation.
Where you consent to our use of information about you for a specific purpose, you have the right to change your mind at any time (but this will not affect any processing that has already taken place).
We don’t keep personal information for longer than is necessary. While we retain this information, we will protect it within commercially acceptable means to prevent loss and theft, as well as unauthorised access, disclosure, copying, use or modification.
That said, we advise that no method of electronic transmission or storage is 100% secure and cannot guarantee absolute data security. If necessary, we may retain your personal information for our compliance with a legal obligation or in order to protect your vital interests or the vital interests of another natural person.
3. Collection and use of information
We may collect, hold, use and disclose information for the following purposes and personal information will not be further processed in a manner that is incompatible with these purposes:
4. Disclosure of personal information to third parties
We may disclose personal information to:
Third party service providers for the purpose of enabling them to provide their services, including (without limitation) IT service providers, data storage, hosting and server providers, ad networks, analytics, error loggers, debt collectors, maintenance or problem-solving providers, marketing or advertising providers, professional advisors and payment systems operators; our employees, contractors and/or related entities; courts, tribunals, regulatory authorities and law enforcement officers, as required by law, in connection with any actual or prospective legal proceedings, or in order to establish, exercise or defend our legal rights; and third parties, including agents or sub-contractors, who assist us in providing information, products, services or direct marketing to you.
5. International transfers of personal information
The personal information we collect is stored and processed where we or our partners, affiliates and third-party providers maintain facilities. By providing us with your personal information, you consent to the disclosure to these overseas third parties.
We will ensure that any transfer of personal information from countries in the European Economic Area (EEA) to countries outside the EEA will be protected by appropriate safeguards, for example by using standard data protection clauses approved by the European Commission, or the use of binding corporate rules or other legally accepted means.
Where we transfer personal information from a non-EEA country to another country, you acknowledge that third parties in other jurisdictions may not be subject to similar data protection laws to the ones in our jurisdiction. There are risks if any such third party engages in any act or practice that would contravene the data privacy laws in our jurisdiction and this might mean that you will not be able to seek redress under our jurisdiction’s privacy laws.
6. Your rights and controlling your personal information
Choice and consent: By providing personal information to us, you consent to us collecting, holding, using and disclosing your personal information in accordance with this privacy policy. If you are under 16 years of age, you must have, and warrant to the extent permitted by law to us, that you have your parent or legal guardian’s permission to access and use the website and they (your parents or guardian) have consented to you providing us with your personal information. You do not have to provide personal information to us, however, if you do not, it may affect your use of this website or the products and/or services offered on or through it.
Information from third parties: If we receive personal information about you from a third party, we will protect it as set out in this privacy policy. If you are a third party providing personal information about somebody else, you represent and warrant that you have such person’s consent to provide the personal information to us.
Restrict: You may choose to restrict the collection or use of your personal information. If you have previously agreed to us using your personal information for direct marketing purposes, you may change your mind at any time by contacting us using the details below. If you ask us to restrict or limit how we process your personal information, we will let you know how the restriction affects your use of our website or products and services.
Access and data portability: You may request details of the personal information that we hold about you. You may request a copy of the personal information we hold about you. Where possible, we will provide this information in CSV format or other easily readable machine format. You may request that we erase the personal information we hold about you at any time. You may also request that we transfer this personal information to another third party.
Correction: If you believe that any information we hold about you is inaccurate, out of date, incomplete, irrelevant or misleading, please contact us using the details below. We will take reasonable steps to correct any information found to be inaccurate, incomplete, misleading or out of date.
Notification of data breaches: We will comply laws applicable to us in respect of any data breach.
Complaints: If you believe that we have breached a relevant data protection law and wish to make a complaint, please contact us using the details below and provide us with full details of the alleged breach. We will promptly investigate your complaint and respond to you, in writing, setting out the outcome of our investigation and the steps we will take to deal with your complaint. You also have the right to contact a regulatory body or data protection authority in relation to your complaint.
Unsubscribe: To unsubscribe from our e-mail database or opt-out of communications (including marketing communications), please contact us using the details below or opt-out using the opt-out facilities provided in the communication.
7. Cookies
We use “cookies” to collect information about you and your activity across our site. A cookie is a small piece of data that our website stores on your computer, and accesses each time you visit, so we can understand how you use our site. This helps us serve you content based on preferences you have specified. Please refer to our Cookie Policy for more information.
8. Limits of our policy
Our website may link to external sites that are not operated by us. Please be aware that we have no control over the content and policies of those sites, and cannot accept responsibility or liability for their respective privacy practices.
9. Changes to this policy
At our discretion, we may change our privacy policy to reflect current acceptable practices. We will take reasonable steps to let users know about changes via our website. Your continued use of this site after any changes to this policy will be regarded as acceptance of our practices around privacy and personal information.
If we make a significant change to this privacy policy, for example changing a lawful basis on which we process your personal information, we will ask you to re-consent to the amended privacy policy.
For more information on your data please contact
info@ryanhowsam.com
This policy is effective as of 25 October 2019.
