Bowing to pressure from business groups and MPs to boost the generosity of the government guarantee on its emergency loan scheme during the pandemic, the Chancellor has announced that the UKs smallest businesses will be offered 100% government-backed rescue loans. As recently as last week he said he was “not persuaded” by calls to provide…
Government launches Future Fund for struggling start-ups
The government has unveiled a new £1.25bn package designed to ensure that early stage companies receive enough investment to remain viable during the coronavirus crisis. Launching in May 2020, the Future Fund will provide government loans to UK-registered companies ranging from £125,000 to £5m, subject to at least equal match funding from private investors. The…
Pressure intensifies for 100% government-backed business loans
The pressure on the Chancellor to offer 100% government-backed loans to prevent thousands of businesses from going out of business is working. Banks and other commercial lenders, which must currently cover 20% of loan losses under the government scheme, have been turning down requests to borrow rescue funds that could allow firms to remain solvent through the…
Who will take the lead?
I am pleased, as all right-minded people will be, that the Prime Minister is recovering from Covid-19. But either he, or someone else in government, must step up and start to show leadership. The idea that we are somehow all going back to work soon is, in reality, fading fast: Grant Shapps has now said…
Who will take the lead?
I am pleased, as all right-minded people will be, that the Prime Minister is recovering from Covid-19. But either he, or someone else in government, must step up and start to show leadership. The idea that we are somehow all going back to work soon is, in reality, fading fast: Grant Shapps has now said…
Improve your chances of being approved for a CBILS loan
When the Rishi Sunak, the Chancellor, said he was making £330bn available to guarantee loans to businesses and “would do whatever it takes” to make sure UK businesses survive the Covid-19 pandemic he was hailed as a Chancellor who understood the problems small businesses would face. Four weeks on and only one in five UK businesses that have…
When do you think things will get back to normal?
I’ve heard this question a lot recently. My answer is simple: they won’t, at least not as we understand the ‘old’ normal. After the Covid-19 pandemic is over – which doesn’t of course mean the virus has gone away – things, at best, will return to a ‘new’ normal that we must all start to…
It’s time to start work on your recovery plan
It may seem a little perverse – when some businesses are struggling to access the support announced by Government already – but by now many will have prepared and implemented their survival plan and now just need to sit out the next few months and hope that the cash support is forthcoming in time. This crisis will…
Coronavirus: plan for how to protect yourself and your family
The coronavirus and measures to slow it down are unprecedented in our lifetime; people are worried and scared, they feel out of control. There are many things that are outside of your control, so concentrate instead of the things you can, and remember: This will be over one day; Help yourself and family first; and…
How to negotiate a time to pay agreement with HMRC
HMRC has published details of the specific helpline to contact to negotiate a time to pay agreement if you are likely to have difficulty paying tax because of Coronavirus, but it’s not known whether HMRC will change its usual approach to time to pay, for taxpayers who are having difficulty. In the meantime businesses may find useful…
