Monthly Archives: September 2020

Hot Business News Today

What new Covid restrictions mean for small business

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
Boris Johnson outlined the latest set of Covid restrictions this afternoon, significantly tightening laws for small business in England ahead of a second wave.
The latest set of Covid restrictions, which will become law, threaten any small business that does not comply with fines. Shop assistants in retailers could, for example, be fined £200 for not wearing a facemask behind the counter.
Mr Johnson warned that the new regulations, which underpin the rule of six – preventing any more than six people congregating – will be in place for the next six months.
>See also: Rishi Sunak to extend government coronavirus business support
The new clampdown will be a blow to pubs and restaurants, which from Thursday, September 24 have to shut at 10pm. That means close completely, not last orders.

All pubs, bars and restaurants must operate table service only and must close at 10pm
Staff and customers in pubs, bars and other indoor hospitality must wear facemasks when not eating and drinking
Retail staff and all users of taxis and minicabs must wear face coverings
Covid-secure guidelines for retail, leisure, tourism and other sectors will become law. Businesses will be fined and forced to close if they breach the

Read more...

Hot Business News Today

Rishi Sunak eyes subsidising wages of part-time workers

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
Rishi Sunak is eyeing replacing furlough with subsidising wages of workers who work on a part-time basis.
The idea is one of several being considered by the chancellor and his Treasury, according to the Financial Times.
The attraction of subsidising wages is that it would support those who are in work but with not enough demand to keep them on five days a week.
>See also: Boris must ‘act now’ to save businesses from going under
The scheme would be aimed at businesses who can afford to employ staff for at least 50 per cent of their normal hours.
The Confederation of British Industry (CBI) and the Trades Union Congress (TUC) have both proposed similar schemes to replace furlough when it ends next month.
The CBI-style wage subsidy scheme would see small businesses paying employees in full for the days they work; the government would pay one third of the wages for those days the employee is off work, the employer would pay one third, and the employee would take a one-third pay cut on the days they are off work. That way, all three share the pain.
The other attraction is that it would be a lot cheaper than

Read more...

Hot Business News Today

Covid expected to cost small businesses £69bn

by  •  • 0 Comments

Originally written by Anna Jordan on Small Business
The effects of COVID-19 could cost businesses £69bn, according to new figures from Simply Business.
That’s an average of £11,799 per business, made up of lost work, earnings and total revenue.
A worrying 67 per cent of businesses said they had to stop trading at some point in the past six months. There could be more to follow, as 14 per cent said that they’re likely to close in the next one to three months, 12 per cent believed they’ll be closed within the next three to six months and 11 per cent within six months to a year.
Small businesses fear a second lockdown with one in five (17 per cent) saying that they wouldn’t survive.
A large proportion of respondents (48 per cent) believed that it will take at least 12 months to recover the money lost due to COVID-19. A significant 12 per cent thought that it would take two to three years.
However, it’s not an entirely gloomy picture. Despite lockdown’s challenges, 85 per cent plan to remain self-employed and ten per cent plan to start businesses. Others have adopted new technologies – 47 per cent are using messaging apps, 33 per cent are

Read more...