## How to Apply for a Government COVID-19 Business Loan
The COVID-19 pandemic has had a devastating impact on businesses of all sizes. In response, the government has introduced a number of loan schemes to help businesses weather the storm.
One of the most popular loan schemes is the Coronavirus Business Interruption Loan Scheme (CBILS). This scheme is designed to provide loans of up to £5 million to businesses that have been impacted by the pandemic.
To be eligible for a CBILS loan, your business must:
* Be based in the UK
* Have an annual turnover of less than £45 million
* Be able to demonstrate that you have been impacted by the pandemic
To apply for a CBILS loan, you will need to contact a lender that is accredited by the British Business Bank. You can find a list of accredited lenders on the British Business Bank website.
Once you have found a lender, you will need to complete an application form. The application form will ask for information about your business, your financial situation, and the impact that the pandemic has had on your business.
Once you have submitted your application, the lender will assess your eligibility for a loan. If you are approved for a loan, the lender will provide you with a loan agreement. You will need to sign the loan agreement and return it to the lender before the loan can be disbursed.
CBILS loans are available to businesses of all sizes. However, the maximum loan amount that you can borrow will depend on the size of your business.
The maximum loan amounts are as follows:
* Businesses with an annual turnover of less than £1 million: £50,000
* Businesses with an annual turnover of £1 million to £5 million: £250,000
* Businesses with an annual turnover of £5 million to £10 million: £500,000
* Businesses with an annual turnover of £10 million to £45 million: £1 million
CBILS loans are interest-free for the first 12 months. After 12 months, the interest rate will be 2.5%.
The loan term is for a maximum of 6 years.
**How to apply for a Bounce Back Loan**
The Bounce Back Loan Scheme (BBLS) is another government loan scheme that is available to businesses that have been impacted by the COVID-19 pandemic. BBLS loans are available to businesses of all sizes, with a maximum loan amount of £50,000.
To be eligible for a BBLS loan, your business must:
* Be based in the UK
* Have an annual turnover of less than £45 million
* Be able to demonstrate that you have been impacted by the pandemic
To apply for a BBLS loan, you will need to contact a lender that is accredited by the British Business Bank. You can find a list of accredited lenders on the British Business Bank website.
Once you have found a lender, you will need to complete an application form. The application form will ask for information about your business, your financial situation, and the impact that the pandemic has had on your business.
Once you have submitted your application, the lender will assess your eligibility for a loan. If you are approved for a loan, the lender will provide you with a loan agreement. You will need to sign the loan agreement and return it to the lender before the loan can be disbursed.
BBLS loans are interest-free for the first 12 months. After 12 months, the interest rate will be 2.5%.
The loan term is for a maximum of 6 years.
**How to apply for a Self-Employment Income Support Scheme grant**
The Self-Employment Income Support Scheme (SEISS) is a government grant scheme that is available to self-employed individuals who have been impacted by the COVID-19 pandemic. SEISS grants are available in monthly installments of £750.
To be eligible for a SEISS grant, you must:
* Be self-employed
* Have an annual turnover of less than £50,000
* Be able to demonstrate that you have been impacted by the pandemic
To apply for a SEISS grant, you will need to sign up to the HMRC online portal. Once you have signed up, you will need to complete a claim form. The claim form will ask for information about your business, your financial situation, and the impact that the pandemic has had on your business.
Once you have submitted your claim, HMRC will assess your eligibility for a grant. If you are approved for a grant, HMRC will pay the grant into your bank account.
SEISS grants are non-repayable.
**How to apply for a Universal Credit claim**
Universal Credit is a government benefit that is available to people who are out of work or on a low income. Universal Credit can be claimed by self-employed individuals as well as employed individuals.
To be eligible for Universal Credit, you must:
* Be aged 18 or over
* Be resident in the UK
* Have less than £16,000 in savings
To apply for Universal Credit, you will need to sign up to the HMRC online portal. Once you have signed up, you will need to complete a claim form. The claim form will ask for information about your circumstances, your income, and your savings.
Once you have submitted your claim, HMRC will assess your eligibility for Universal Credit. If you are approved for Universal Credit, HMRC will pay the benefit into your bank account.
Universal Credit payments are typically paid monthly. The amount of Universal Credit that you receive will depend on your circumstances.