Monthly Archives: January 2021

Hot Business News Today

The benefits of applying for a second CBILS loan

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Originally written by fundingoptions on Small Business
The Coronavirus Business Interruption Loan Scheme (CBILS) is proving to be a lifeline for businesses across the UK. Initially designed for those who’ve lost revenue or experienced cash flow disruption due to Covid-19, the scheme can also be used by businesses to grow and develop too. CBILS is part of a broad package of government support for UK businesses and employees.
CBILS loans of up to £5m are available on repayment terms ranging from three to six years. Businesses with a turnover of up to £45m can apply, and £4.97 billion of finance has been approved since the scheme began in March 2020.
If you’re one of the 82,000 plus companies who’ve already received a CBILS loan, did you know that you could be eligible for a second facility?
Who can apply for a second CBILS loan?
To be eligible for a second CBILS loan, you’ll have to meet the same criteria as you did for the first. For instance, you’ll need to show that your business would be viable were it not for Covid-19 and that it’s been negatively impacted by the pandemic.
Applying for a second CBILS loan can provide your business with the cash flow boost

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Hot Business News Today

Government must help self-employed excluded due to 50% income rule

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Originally written by Timothy Adler on Small Business
The government should act to help self-employed excluded from Covid support because more than 50% of their income comes from elsewhere.
This deliberate exclusion is unfair and disproportionately attacks women on modest incomes, says the influential Institute for Fiscal Studies (IFS).
This is the second time the IFS has waded into the argument about the self-employed in as many days. Yesterday, the IFS published a report calling for the self-employed to pay more tax.
>See also: You should file your tax return by January 31, despite HMRC extension
Over a million self-employed people who have less than 50% of their income coming from self-employment have been excluded from the Self-Employment Income Support Scheme (SEISS).
The IFS says that it is manifestly unfair that someone who declares profits of 51 per cent from self-employed income can claim the maximum, while those who claim 49 per cent of profits get nothing.
SEISS provides payments once per quarter worth 80 per cent of pre-pandemic profits up to a cap of £7,500 (per quarter) for eligible self-employed workers who have been adversely affected by the pandemic.
The scheme is expected to have cost £28bn by April 2021, making emergency Covid payments to at least

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