He gets the worm.
Many clients have been asking if anyone has received a Business Resilience Fund grant. To date we have only heard of several clients who have received grants in the first category, although the larger applications for businesses with more than 10 employees seem to be taking longer.
However if you did get your application in quickly as we advised you are one of the lucky ones! With 9,000 applications to work through application for the scheme is temporarily suspended.
A word of caution while waiting….
If you take out a CBI Loan this may preclude you from a Business Resilience Fund grant. However if you have over 10 employees you must have explored this option before applying for the grant.
If you have less than 10 employees and haven’t yet explored loans, but you can’t wait much longer and your grant application is uncertain, applying for the loan may be the safer option.
A difficult conundrum for a difficult time.
If you need help making your decision please contact your client manager
Bounce Back Loans
As well as today’s announcement that the there’s a new baby Boris! (Can’t wait to see that hair!), on Monday the Chancellor announced a further measure to help small businesses. Bounce Back Loans!
Bounce Back Loans are designed to help fill in the cracks in the available support . These new 100% government backed, fast track loans are intended to be turned around in days. Giving small businesses the cash injection they’ve been crying out for:
- businesses will be able to borrow between £2,000 and £50,000
- loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form
- No repayments will be due during the first 12 months
Sadly, as so often in this crisis, the announcement has come before the finer detail is available (in fairness there’s been a lot of fine detail to manage!)
So we have been busy trying to get the inside track from our contacts at the leading banks… unfortunately they know as much as us about Bounce Back Loans.
With the process yet to be revealed, we will do our best to keep you posted and if you come across any further details, please let us know so we can share them. For further details Click Here
Please watch this space and be ready to act fast.
URGENT PAYROLL and FURLOUGH UPDATE
Please Help us to Help you!!
If you have not signed off you payroll on Bright Pay please do so now. We cannot submit your RTI or make any furlough claims with out your signed authority.
If we’re still processing your payrolls please look out for the Bright Pay Link. Sign them off as quickly as possible!
If you are a Director only Payroll, we sent you a link to activate your Bright Pay Connect Portal a few weeks ago. If you did not activate at that time, we have just sent you a new one. Please follow the steps to activate it. We can then issue your payslips and make any furlough claims.
If you do not follow these steps you make it extremely difficult for us to help you efficiently as so much time is lost chasing you individually which impacts turnaround times of payrolls and furlough claims.
Once you have approved your payroll by signing it off you will also be agreeing that we are making the claim based upon
- The information you have provided.
- Our interpretation of the legislation as it stands at that time
By signing off the payroll you are agreeing
- The amounts to be claimed
- That we will not be held responsible for any subsequent discrepancies.
Sorry for any confusion…
Last week we promised, as required by our professional body to send a Furlough Engagement letter for you to sign. However instead, to save you having to sign and return it, we sent it via email as an addendum to our existing engagement letter and terms of business. Please let us know if you have any queries.
Just to recap…
Future Furlough Claims…
If you do not wish to make any further claims please let us know straight away.
- If we don’t not hear from we will assume that the claim is to continue
- We will issue an up to date spreadsheet for your to report changes, please supply your information in this format by email to Payroll@lewisballard.co.uk with [EMAIL DATE- URGENT FURLOUGH CHANGES] in the subject bar so we don’t miss any.
- Please send furlough information ASAP so we can start preparing the calculation in advance ready for your payroll so it doesn’t delay it.
- You can only make one claim every 3 weeks per RTI number so if you have monthly and weekly payrolls the claim will be made with your month end payroll
- As the calculations are complex and time consuming we will charge an additional monthly fee per claim.
- This will be taken by direct debit on the 15th of each month that claims are to be made.
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