Government update on the CoronaVirus crisis  Monday, April 20th

Dear members,

I am sure most of you are now underway with claims for the CoronaVirus Job Retention Scheme (CJRS) which opened for applications this morning. Anyone still looking to apply for the CJRS which enables employers to make a claim online for a grant for 80% of their furloughed employees’ salaries (up to a maximum of £2,500 per employee) can do so here. It is also worth noting that the Chancellor has announced a one month extension to the scheme which means the CJRS will now be open until the end of June.

Also, as previously highlighted, an update to the CoronaVirus Business Interruption Loan Scheme (CBILS) was launched today. The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now include bigger businesses with a turnover of more than £45 million. Details for members who may have missed my previous email regarding CLBILS can be found here.

Finally please find below two updates from Government regarding the Future Fund support package and updated details on support being given to lorry drivers:
1.Billion pound support package for innovative firms hit by CoronaVirus
The chancellor has announced today detais on a £1.25 billion government support package, aimed at helping UK businesses driving innovation and development through the CoronaVirus crisis.
The package includes a new £500 million loan scheme for high-growth firms, called the Future Fund and £750 million of targeted support for small and medium sized businesses focusing on research and development.

The Future Fund loans are aimed at UK-based companies ranging from £125,000 to £5 million and will be subject to at least equal match funding from private investors.
They are hoped to be a suitable option for businesses that rely on equity investment and are unable to access the CoronaVirus Business Interruption Loan Scheme (CBILS).
The scheme will be delivered in partnership with the British Business Bank and will launch in May 2020. Interested members can find out more here.

2.Government takes further action to support lorry drivers 
A temporary change applies to drivers whose licences are due to expire or have expired since 1 January 2020. Find out more here.

Stay Safe & Smiling,

Lucy

Lucy Reece-Raybould, BFA CEO