Just when they hoped the government was coming to their rescue, the millions of self-employed workers in the UK have been delivered a blow by HMRC who have announced that their tax agents are barred from claiming the self-employed income support scheme (SEISS) grant on their behalf. The SEISS will be open for applications from…
Have you applied for your Bounce Back Loan yet?
If you run your own business as either a sole trader or limited company there won’t be many days when the government gives you something for free. But today is one of those days. The Bounce Back Loan Scheme (BBLS) went live on this morning. Businesses can borrow up to £50,000 (or 25% of their annual…
Have you applied for your Bounce Back Loan yet?
If you run your own business as either a sole trader or limited company there won’t be many days when the government gives you something for free. But today is one of those days. The Bounce Back Loan Scheme (BBLS) went live on this morning. Businesses can borrow up to £50,000 (or 25% of their annual…
Small companies to get 100% loan guarantees
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…
Don’t wait for the cavalry…they’re not coming
Yesterday the Chancellor said: I am not persuaded that moving to a 100% guarantee [of CBILS] is the right thing to do. Some people have made some comparisons with what is going on in other countries. I think when you look at the totality of what we are doing it is more significant in scope and…
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…
