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The Scottish Government has announced a new £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people.

The money is allocated to three separate funds. The funds opened for applications on 30 April 2020 with the first funds expected to be paid out in early May. The funds are being administered by local authorities and Scotland’s enterprise agencies.

The Coronavirus Job Retention Scheme allows employers to claim cash grants of up to 80% of wages (capped at £2,500) for furloughed workers.

In the most recent update to HRMC’s guidance there is a clarification relevant to directors that are paid annually. The guidance confirms that company directors who are paid annually are eligible to claim, as long as they meet the relevant conditions for the scheme. A number of directors (usually sole directors / shareholders) of small businesses pay themselves a salary just once a year.

The Bounce Back Loans scheme first announced by the Chancellor, Rishi Sunak, in late April was launched on 4 May 2020. The new scheme allows small businesses to borrow between £2,000 and £50,000 and access the cash in most cases within 24 hours of approval.