The recovery loan scheme was initiated to help businesses that have been affected by Covid-19 access loans backed by the government from accredited lenders. Businesses eligible for these loans include; sole proprietorship, corporations, limited partnerships, and limited liability partnerships. Companies operating as legal entities, cooperatives, and community benefit societies are also eligible for recovery loan schemes. If you’re a company that initially acquired a Covid-19 loan and wondering if you’re eligible for this scheme, then an accountant in Epsom is in a position to advise you and help you determine if you’re indeed eligible.
Overall, the criteria for eligibility are quite straightforward. A business owner must ascertain that his business was affected by the pandemic. Apart from that, the business must be operating in the UK, generating 50% of its turnover from trading in the region. Another criterion for eligibility is ensuring the business was trading in the UK when it drew down to RLS. Moreover, it shouldn’t be in collective insolvency proceedings and must have a viable proposition. Partnering with an accountant in Epsom in the process of attaining RLS is imperative, as they know every guideline for eligibility. It helps you evade chances of the lender disregarding your application since the business didn’t meet the above criteria.
Chartered accountants like David Beckman & Co Ltd have the right knowledge when it comes to RLS. Therefore, they can advise you on whether or not to secure this loan for your business. They do this by looking at your business and the terms and conditions of the loan to see if your business can meet them in the long run. It’s, therefore, essential to have an accountant in Epsom in your corner. They’ll ensure you’re not blind-sighted by ambiguous data of the recovery loan scheme. Contact them today at 01737 844 322.
