Monthly Archives: November 2020

Hot Business News Today

Government extends business furlough scheme until December at 80%

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Originally written by Timothy Adler on Small Business
The government has extended the furlough scheme for UK small business employees at 80 per cent of wages for days not worked.
The extended UK-wide furlough scheme will run until Wednesday, December 2 covering 80 per cent of the salary for hours not worked due to compulsory lockdown, up to a maximum of £2,500.
Businesses will only be asked to cover national insurance and employer pension contributions which, for the average claim, accounts for just 5 per cent of total employment costs.
Employees can either be furloughed full-time or on a part-time basis.
>See also: Just when you thought it couldn’t get worse, business rates return in April
Business grants
Small businesses forced to shut during the month-long lockdown in England will also be able to claim grants worth up to £3,000 per month per premises per month.

For properties with a rateable value of £15,000 or under, grants to be £1,334 per month, or £667 per two weeks
For properties with a rateable value of between £15,000-£51,000 grants to be £2,000 per month, or £1,000 per two weeks
For properties with a rateable value of £51,000 or over grants to be £3,000 per month, or £1,500 per two weeks.

In addition, another

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Hot Business News Today

Self-employed Income Support Scheme (SEISS) to be extended at 40%

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Originally written by Anna Jordan on Small Business
The government is getting ready to extend the Self-Employed Income Support Scheme (SEISS) to support freelancers and the self-employed through to April 2021.
Two further grants will be offered:

The first covers November 2020 to January 2021 at 40 per cent of trading profits, capped at a total of £3,750
The second covers January 2021 to April 2021, the level is yet to be announced

SEISS is being reintroduced as England prepares to go back into lockdown from November 5th until December 2nd, though this could be extended.
How does this compare to the previous SEISS grants?
The third round isn’t as generous as the first and second. The second grant round covered 70 per cent of trading profits, capped at £6,950. The first grant covered 80 per cent of trading profits, capped at £7,500.
Am I eligible for the next Self-employed Income Support Scheme grants?
You must have been eligible for the first and second rounds of SEISS to apply. You must also declare that you were trading (but are unable to do so due to coronavirus) and plan to continue trading.
The online application service for the next grant will open on December 14th 2020 and HMRC will be providing

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Hot Business News Today

What winning The Start-Up Series meant for us – Randa Bennett and Patricia Salume, VeeLoop

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Originally written by Anna Jordan on Small Business
Many more of us have been shopping online this year, but parents will likely have extra concerns when it’s their children filling the basket. 
Inspired by her teenage daughter, Randa Bennett teamed up with Patricia Salume to launch VeeLoop. The online service lets teens put items in a virtual basket which their parents/guardians approve and checkout. This means that teens can shop without giving out their personal details and leaving themselves vulnerable to cybercrime. It’s also a good shout for teens without payment cards.    
But as business was picking up, COVID-19 hit. In early lockdown, Randa and Patricia volunteered to do their neighbours’ shopping for them. When they registered, it wasn’t obvious that this would be the source of their next big idea – and another arm to their business.
We caught up with the entrepreneurial pair to find out more about their multi-faceted company and how The Start-Up Series and Worth Capital have been essential for its development.  
Tell us more about VeeLoop and how the business came about.
Randa: I have a 17-year-old daughter and since she was 13, she’s been constantly shopping online and following me around with a laptop in my face

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