Originally written by Anna Jordan on Small Business
Rishi Sunak has announced the Recovery Loan Scheme to take the place of the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme.
UK businesses of any size can apply for a loan or overdraft between £25,000 and £10m until the end of 2021. Asset and invoice finance between £1,000 and £10m will also be available. All will have a Government guarantee of 80 per cent.
Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance, terms will be up to three years.
No personal guarantees will be taken on facilities up to £250,000 and, as before, a borrower’s principal private residence cannot be taken as security.
The Recovery Loan Scheme opens April 6 and will run until December 31, subject to review. Like CBILS and the Bounce Back Loans, these will be available through a network of accredited lenders, whose names will be made public in the near future. Details on how to apply will be revealed in the coming weeks.
Once you receive it, the finance can be used for any legitimate business purpose, including growth and investment.
Sunak said: “Even with the new Restart
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Recovery Loan Scheme up to £10m will replace CBILS and BBLs
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Rishi Sunak has announced the Recovery Loan Scheme to take the place of the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme.
UK businesses of any size can apply for a loan between £25,000 and £10m until the end of 2021. Loans will have a Government guarantee of 80 per cent. Asset and invoice finance between £1,000 and £10m will also be available.
Once you receive it, the finance can be used for any legitimate business purpose, including growth and investment.
The Recovery Loan Scheme opens April 6 and will run until December 31, subject to review. Like CBILS and the Bounce Back Loans, these will be available through a network of accredited lenders, whose names will be made public in the near future.
Sunak said: “Even with the new Restart Grants, some businesses will also need loans to see them through. As the Bounce Back Loans and Business Interruption Loan schemes come to an end, we’re introducing a new Recovery Loans Scheme to take their place.”
The CBILS and bounce back loan schemes will end on March 31 2021 as previously planned. They were introduced last year to help struggling businesses through difficulties
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Self-employed to be offered fourth and final £7,500 grant in Budget
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Rishi Sunak is set to announce a fourth and final round of the £7,500 grant for the self-employed in next week’s Budget.
As before, certain self-employed will be able to claim a Self-Employment Income Support Scheme (SEIISS) grant worth up to £7,500 over three months covering February, March and April.
However, if true, next week’s announcement again ignores the over a million people who have been excluded from self-employed grants because either they have a parallel source of income or they pay themselves in dividends or they earn over £50,000 a year.
Last month, influential thinktank the Institute for Fiscal Studies (IFS) said the Government should act to help self-employed excluded from Covid support because more than 50 pe cent of their income came from elsewhere, an exclusion which disproportionately attacked women on modest incomes.
>See also: Government must help self-employed excluded due to 50% income rule
Meanwhile, business groups have written to Mr Sunak urging him to help the nearly 800,000 company directors frozen out of emergency Covid-19 support, which they saw as a stealth attack by HMRC because company directors pay corporation tax at the lower 19 per cent rate.
However, according to the Telegraph, the grant
Hot Business News Today
Self-employed to be offered fourth and final £7,500 grant in Budget
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Rishi Sunak is set to announce a fourth and final round of the £7,500 grant for the self-employed in next week’s Budget.
As before, certain self-employed will be able to claim a Self-Employment Income Support Scheme (SEIISS) grant worth up to £7,500 over three months covering February, March and April.
However, if true, next week’s announcement again ignores the over a million people who have been excluded from self-employed grants because either they have a parallel source of income or they pay themselves in dividends or they earn over £50,000 a year.
Last month, influential thinktank the Institute for Fiscal Studies (IFS) said the Government should act to help self-employed excluded from Covid support because more than 50 pe cent of their income came from elsewhere, an exclusion which disproportionately attacked women on modest incomes.
>See also: Government must help self-employed excluded due to 50% income rule
Meanwhile, business groups have written to Mr Sunak urging him to help the nearly 800,000 company directors frozen out of emergency Covid-19 support, which they saw as a stealth attack by HMRC because company directors pay corporation tax at the lower 19 per cent rate.
However, according to the Telegraph, the grant
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Rishi Sunak Summer Statement what it means for small business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
What does the Summer Statement mean for small business?
Chancellor Rishi Sunak has announced a package of measures to help small businesses survive the coronavirus pandemic, as the second phase of government action.
Mr Sunak unveiled cash grants of £1,000 for each furloughed employee a business takes back, a new £2bn jobs scheme aimed at bringing in young people into work, and VAT being slashed to 5 per cent for hospitality and attractions businesses.
“It will give businesses the confidence to retrain and hire this autumn,” Mr Sunak announced in the House of Commons this afternoon.
Job Retention Bonus
Mr Sunak announced a £9bn initiative to reward businesses that bring furloughed employees back into work.
Any small business that takes back a furloughed employee will be given a £1,000 grant for each worker, providing they are still in employment by the end of January. Workers must have been continuously employed and earn an average of more than £520 per month in November, December and January.
Mr Sunak said: “If you stand by your workers, then we will stand by you.”
Reacting to the announcement, Howard Kennedy head of employment law Jane Amphlett said: “The bonus is likely to provide an incentive for employers
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Rishi Sunak Summer Statement what it means for small business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
What does the Summer Statement mean for small business?
Chancellor Rishi Sunak has announced a package of measures to help small businesses survive the coronavirus pandemic, as the second phase of government action.
Mr Sunak unveiled cash grants of £1,000 for each furloughed employee a business takes back, a new £2bn jobs scheme aimed at bringing in young people into work, and VAT being slashed to 5 per cent for hospitality and attractions businesses.
“It will give businesses the confidence to retrain and hire this autumn,” Mr Sunak announced in the House of Commons this afternoon.
Job Retention Bonus
Mr Sunak announced a £9bn initiative to reward businesses that bring furloughed employees back into work.
Any small business that takes back a furloughed employee will be given a £1,000 grant for each worker, providing they are still in employment by January. The minimum wage of each employee should be at least £520 a month.
Mr Sunak said: “If you stand by your workers, then we will stand by you.”
Kickstart jobs scheme
As expected, chancellor Rishi Sunak has announced a £2bn scheme for small business owners to hire young people as part of his Summer Statement.
The new Kickstart scheme will help half
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How to do your market research on a shoestring budget
by Jane Frost • • 0 Comments
In business, commissioning market research may seem intimidating or even unnecessary when you’re on a tight budget. (SMEs) often think it is only for big business, but this is far from the truth. Customers can be difficult whether your company is big or small. They have their own vocabulary, their own ‘goods and services’ and
The post How to do your market research on a shoestring budget appeared first on Small Business.
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5 Ways to Hack Your Budget Between Jobs
by Sarah Landrum • • 0 Comments
These simple tricks will help you cut back on expenses and save money during your job search.
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Figure out where you want to be financially and how close you are to reaching that goal.
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How to Outsource Tasks When You’re on a Budget
by Editor • • 0 Comments
By Tara Bosler Coffee. Cook a meal. Hug kids. Clean something. Work. Repeat. When you’re a work-at-home mom, there is a ton to juggle. Working full-time is hard. Mothering is hard. Starting a business is hard. If you are brave enough to do any one of these or any combination for that matter, please contact […]