Originally written by Anna Jordan on Small Business
Rishi Sunak has announced details of COVID-19 financial support for businesses in all parts of the UK.
He has confirmed that workers will get access to the furlough scheme up to 80 per cent (capped at £2,500 a month) until the end of March 2021 across the UK. Employers need only cover NICs and pension contributions.
The upfront funding for devolved nations also goes from £14bn to £16bn.
This move comes just a few hours after the Bank of England said it was pumping an extra £150bn into the economy.
Sunak added that he will redeploy job incentive schemes at a more suitable time.
However, the chancellor has faced criticism for reintroducing the furlough scheme when Scotland, Wales, Northern Ireland and parts of northern England had harsher restrictions and didn’t receive such generous funding.
The Welsh government was unhappy when its pleas for more funding during their ‘firebreak’ lockdown last month. It had to rely on its own coffers to fund a £300m grant scheme.
Experts argue that such short-term measures aren’t helping businesses to plan for the future. Richard Churchill, a business advisory partner at Blick Rothenberg, said:
“Currently business decisions are inextricably linked to the various coronavirus measures in
Tag Archive for Coronavirus
Hot Business News Today
No high street banks are accepting fresh Bounce Back Loan applications
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Despite the Bounce Back Loan scheme being extended until the end of January, no high street banks are open to BBL applications from new customers.
As of today (November 3), Starling Bank remains the only accredited lender out of 28 which is open to Bounce Back Loan applications from those who bank elsewhere.
A Starling Bank spokesman said: “There is currently a waitlist and we are prioritising established business and sole traders who use Starling as their primary account. Eligible customers will be sent an email inviting them to apply, but we can’t guarantee that everyone on the waitlist will receive a loan.”
>See also: Most banks not allowing small businesses to open bank accounts
All-Party Parliamentary Group on Fair Business Banking research has suggested that up to 250,000 small businesses “are effectively locked out of the market”, given they do not bank with accredited lenders.
Kevin Hollinrake, the Conservative MP and co-chair of the APPGFG, said: “We welcome the extension to Bounce Back Loans [BBLS] and the ability to top up, but it is critical that banks are open for new business including from new customers.
“Over the last few weeks the handful of lenders who were open
Hot Business News Today
How community solidarity with SMEs can boost your Q4 revenue
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
COVID-19 has hit every economy around the world and practically every industry and vertical, but small businesses have been hit particularly hard.
In April 2020, almost a quarter of small businesses in the UK had to close, and those that reopened reported that revenue had declined by an average of 80 per cent. All told, 234,000 UK SMEs shut up shop permanently between March and September 2020.
The outlook is admittedly pretty bleak, but if there’s a silver lining to this cloud, it’s that people’s eyes, hearts and purse strings have opened to the importance of local SMEs. With the right strategies in place, today’s entrepreneurs can ride the wave of this sentiment, hopefully closing the financial year from a place of strength that can carry momentum into 2021.
We’ve all fallen in love with local
The novel coronavirus and loss of in-person socialising has led consumers to fall out of love with global service companies and products that are mass-made in China. Instead, they’re realising the benefits of local businesses. Around the world, activists have set up organisations to support local businesses, like Goodmoney in Brighton & Hove in the UK; Support Local BC in British
Hot Business News Today
No high street banks are accepting Bounce Back Loan applications
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Despite the Bounce Back Loan scheme being extended until the end of January, no high-street banks say they are open to new BBL applications.
As of today (November 3), Starling Bank remains the only accredited lender of 28 that is open to bounce back loan applications from those who bank elsewhere. However, a spokesman told SmallBusiness.co.uk:
“There is currently a waitlist and we are prioritising established business and sole traders who use Starling as their primary account. Eligible customers will be sent an email inviting them to apply, but we can’t guarantee that everyone on the waitlist will receive a loan.”
>See also: Most banks not allowing small businesses to open bank accounts
All-Party Parliamentary Group on Fair Business Banking research has suggested that up to 250,000 small businesses ‘are effectively locked out of the market’, given they do not bank with accredited lenders.
Kevin Hollinrake, the Conservative MP and co-chair of the APPGFG, told SmallBusiness.co.uk:
“We welcome the extension to Bounce Back Loans (BBLS) and the ability to top up, but it is critical that banks are open for new business including from new customers.
“Over the last few weeks the handful of lenders who were open to new
Hot Business News Today
How community solidarity with SMEs can boost your Q4 revenue
by Partner Content • • 0 Comments
Originally written by Partner Content on Small Business
COVID-19 has hit every economy around the world and practically every industry and vertical, but small businesses have been hit particularly hard.
In April 2020, almost a quarter of small businesses in the UK had to close, and those that reopened reported that revenue had declined by an average of 80 per cent. All told, 234,000 UK SMEs shut up shop permanently between March and September 2020.
The outlook is admittedly pretty bleak, but if there’s a silver lining to this cloud, it’s that people’s eyes, hearts and purse strings have opened to the importance of local SMEs. With the right strategies in place, today’s entrepreneurs can ride the wave of this sentiment, hopefully closing the financial year from a place of strength that can carry momentum into 2021.
We’ve all fallen in love with local
The novel coronavirus and loss of in-person socialising has led consumers to fall out of love with global service companies and products that are mass-made in China. Instead, they’re realising the benefits of local businesses. Around the world, activists have set up organisations to support local businesses, like Goodmoney in Brighton & Hove in the UK; Support Local BC in British
Hot Business News Today
Self-employed Income Support Scheme (SEISS) to be extended at 40%
by Anna Jordan • • 0 Comments
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
Hot Business News Today
The pandemic closes 7 companies every hour, according to Endeavor
by Endeavor México • • 0 Comments
The NGO conducted a study with some perspectives that can help entrepreneurs adapt in times of crisis. Here are some of the results.
Hot Business News Today
VIDEO: They create a 'helmet' that protects against COVID-19 for 60 hours
by Entrepreneur en Español • • 0 Comments
This “land diving suit” will cost $ 379 or about 7,900 Mexican pesos and will be available in November.
Hot Business News Today
They Are Creating a Mask That Inactivates Coronavirus With Heat
by Entrepreneur en Español • • 0 Comments
Hot Business News Today
Job Support Scheme changes what they mean for your business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Chancellor Rishi Sunak has made changes to the Job Support Scheme, making it more generous, offered grants for businesses in Tier 2 regions with their business restricted due to Covid restrictions and doubling help for the self-employed.
Mr Sunak made the announcement about changes to the Jobs Support Scheme, grants for restricted businesses in Tier 2 and increased help for the self-employed in the House of Commons this morning, responding to the worsening Covid pandemic.
Job Support Scheme changes
The Job Support Scheme has been made more generous, with employers only contributing 5 per cent of wage bills for employees on days not worked. And, rather than having to work at least half their usual hours, now employees only have to work 20 per cent of minimum hours, so those working just one day a week will be eligible
The Self-employed Income Support Scheme (SEISS) will be more generous, with the government covering an average of 40 per cent of lost profits compared to the current 20 per cent, meaning the maximum grant will increase from £1,875 to £3,750
Any business in Tier 2 with its business restricted, such as hospitality, accommodation and leisure, can now claim a