Coronavirus pandemic ‘has already cost SMEs £277,000 each’, research suggests
Research carried out by online marketplace Fiverr has suggested that the coronavirus (COVID-19) pandemic has already cost UK small and medium-sized enterprises (SMEs) £277,893 each. The research was collected by polling SME owners in 19 UK cities, and revealed regional differences of opinion. Fiverr found that businesses in London are most positive about flexibility, with […]
BCC finds significant number of UK businesses have furloughed employees
A survey conducted by the British Chambers of Commerce (BCC) has found that over 70% of responding businesses have furloughed a proportion of their workforce. Data from the BCC’s latest Coronavirus Business Impact Tracker revealed that 71% of firms have furloughed their employees, up from last week’s figure of 66%. 30% of businesses have furloughed […]
SMEs access £2.8 billion through business interruption loan scheme
The UK’s small and medium-sized enterprises (SMEs) have accessed £2.8 billion in funding through the government’s Coronavirus Business Interruption Loan Scheme (CBILS), according to data published by UK Finance. Total lending under the CBILS doubled during the week from 14 April to 21 April, with an increase of £1.45 billion. Over 9,000 loans have been […]
FSB urges government to increase 80% guarantee on coronavirus business loans
The Federation of Small Businesses (FSB) has urged the government to increase its 80% guarantee on emergency coronavirus (COVID-19) business interruption loans. New data from UK Finance has revealed that 16,624 of 36,186 small business finance applications for a Coronavirus Business Interruption Loan Scheme (CBILS) facility have been approved. According to UK Finance, the average […]
Government launches small business micro loan scheme
As part of the government’s measures to mitigate the economic damage caused by the coronavirus (COVID-19) lockdown, Chancellor Rishi Sunak has announced a micro loan scheme for small businesses. The Bounce Back Loan Scheme will allow small businesses adversely affected by COVID-19 to apply for up to £50,000, with the government guaranteeing 100% of the […]
CIPD urges government to make Coronavirus Job Retention Scheme more flexible
The Chartered Institute of Personnel and Development (CIPD) has urged the government to modify the Coronavirus Job Retention Scheme (CJRS) and make it more flexible so that furloughed employees are allowed to carry out work on reduced hours for their existing employer where possible. The CIPD stated that making the scheme more flexible could help […]
Lenders relax evidence requirements for business interruption loan scheme applications
The UK’s seven largest small business lenders have relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS). The seven small business lenders will use their own information when processing and approving applications, rather than relying on businesses providing forecasts and business plans. In a joint statement, the seven lenders and […]
Business leaders eager for lockdown to ease, says IoD
According to the Institute of Directors (IoD), business leaders are eager for information on how and when the coronavirus (COVID-19) lockdown will ease as fears grow over the long-term outlook for the UK economy. A survey of 1,000 directors carried out by the IoD showed that confidence is at a record low. The survey asked […]
Government changes ISA rules to help individuals affected by coronavirus
The government has altered the Lifetime ISA rules to help those adversely affected by the coronavirus (COVID-19) pandemic. Individuals who wish to access their Lifetime ISA funds early will no longer face an additional withdrawal charge as a result of a temporary rule change. The Lifetime ISA is available to adults under the age of […]
HMRC begins contacting individuals eligible for coronavirus income support scheme
HMRC has started to contact individuals who may be eligible for its coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS). Individuals who are eligible will be able to claim a taxable grant worth 80% of their average trading profits, up to a maximum of £7,500. This will be paid in a single installment, according to HMRC. […]
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