Monthly Archives: September 2020

Small businesses have average of just £9,000 left from Bounce Back Loan

Originally written by Timothy Adler on Small Business
Businesses have an average of just over £9,000 left from any Bounce Back Loan they took out to save their struggling firms.
Over a million small businesses have taken out the state-backed emergency loans and the majority expect what’s left of the cash to run out by the end of September.
And nearly two thirds of SMEs (63 per cent) surveyed that have taken out Bounce Back Loans were unaware that the deadline for applying for the larger Coronavirus Business Interruption Loan Scheme (CBILS) is also the end of this month.
>See also: Where to find your £1,000 small business lockdown grant
Of the 1.2m small businesses that have taken out Bounce Back Loans, 39 per cent used the cash to pay suppliers and 29 per cent used the £50,000 maximum loan available to set up e-commerce stores and online shopping channels.
According to a MarketFinance survey, most SMEs (76 per cent) would be keen on having a CBILS facility “on ice” in case they need it later in the year in anticipation of larger bills, taxes due towards the end of the year.
>See also: Boris must ‘act now’ to save businesses from going under
Over three quarters of small

Read more...

Small business owners reveal how they’ve handled mental health and COVID-19

Originally written by Anna Jordan on Small Business
This year has been tough for small business owners – not only have they had to deal with the normal challenges of running a business, but they’ve also had to tackle the hardships that have come with COVID-19.
We’ve joined up with the UK Domain to discover just how these entrepreneurs have been feeling.
COVID-19 and its effects on small business owners
While we were looking into wellbeing, we wanted to understand how COVID-19 has impacted small businesses.
The pandemic has touched all areas of life: health, family, lifestyle and, in a significant way, business.
When we asked you, just shy of half (48 per cent) said that COVID-19 has had a ‘severe impact’ on their small business while 35 per cent said it has had a ‘major impact’. A tiny two per cent said that it has only had a ‘minimal impact’.

As we all know, the consequences of COVID-19 are vast, and this is reflected in our results. Most small business owners worried about adapting their business to these changing times (27 per cent). This was followed by the stress of supporting employees (18 per cent) and confusion over the help available (17 per cent).

Some respondents elaborated

Read more...

Rishi Sunak to extend government coronavirus business support

Originally written by Timothy Adler on Small Business
Chancellor Rishi Sunak is set to extend all four of the UK’s emergency coronavirus business support schemes until the end of November.
Until now, the Treasury has resisted calls from business groups to extend the Coronavirus Business Interruption Loan Scheme (CBILS), in particular. The CBILS is due to expire at the end of October with the Bounce Back Loans scheme following shortly thereafter in November.
However, given this week’s expected further semi national lockdown, according to the Financial Times, the chancellor has bowed to the inevitable in extending all coronavirus business support schemes, which have already backed £53bn in lending to business through government guarantees.
Second national lockdown
The news comes as a thinktank warns that a second national lockdown would cost the economy £250m a day as people are kept out of pubs and restaurants and encouraged to work from home.
The Centre for Economics and Business Research (CEBR) warned that GDP could fall by between 3 per cent and 5 per cent in the last three months of this year compared with the third quarter.
Although the £250m figure is a tenth of the impact of the full-blown lockdown at its peak in April, CEBR deputy chairman

Read more...

The Genius Blogger’s Toolkit Review for 2020

You’ve probably heard the buzz about The Genius Blogger’s Toolkit, but what is it, and can it really help you with your blogging efforts? Well today, I’m reviewing the 2020 bundle so you can make an informed decision. What is The Genius Blogger’s Toolkit? Each year, the folks at Ultimate Bundles scours the web for […]

The post The Genius Blogger’s Toolkit Review for 2020 appeared first on The Work at Home Woman | Legit Work From Home Jobs.

Read more...

5 reasons why setting up a business in a recession is a good idea

Originally written by Louise Hebborn on Small Business
The impact of coronavirus has wreaked havoc on business and economies around the world. In the UK, we are now in the deepest recession since records began and the World Bank expects a global economic contraction of 5.2 per cent in 2020.
As many longstanding businesses fold and high street names fall into administration, it can be a daunting time to consider starting a new venture.
5 reasons why setting up a business in a recession is a good idea
However, a recession can also provide a fledgling business with great opportunities.
#1 – Finding gaps in the market
Often during periods of uncertainty, we find there are problems and issues which need addressing now. We saw how many companies responded to the need for protective equipment, including masks and hand sanitiser over recent months and used this compelling consumer demand to grow their businesses.
As we continue to navigate our way around this “new normal”, gaps in the market will start to come to the surface. If you can identify those gaps and act to fill them, it may give you a strong head start.
>See also: 5 best ideas to start a small business post coronavirus
#2 – An

Read more...

Small businesses have average of just £9,000 left from Bounce Back Loan

Originally written by Timothy Adler on Small Business
Businesses have an average of just over £9,000 left from any Bounce Back Loan they took out to save their struggling firms.
Over a million small businesses have taken out the state-backed emergency loans and the majority expect what’s left of the cash to run out by the end of September.
And nearly two thirds of SMEs (63 per cent) surveyed that have taken out Bounce Back Loans were unaware that the deadline for applying for the larger Coronavirus Business Interruption Loan Scheme (CBILS) is also the end of this month.
>See also: Where to find your £1,000 small business lockdown grant
Of the 1.2m small businesses that have taken out Bounce Back Loans, 39 per cent used the cash to pay suppliers and 29 per cent used the £50,000 maximum loan available to set up e-commerce stores and online shopping channels.
According to a MarketFinance survey, most SMEs (76 per cent) would be keen on having a CBILS facility “on ice” in case they need it later in the year in anticipation of larger bills, taxes due towards the end of the year.
>See also: Boris must ‘act now’ to save businesses from going under
Over three quarters of small

Read more...