Banks lend £49bn to SMEs to survive coronavirus fallout July 28, 2020 Banks have now lent out £49.4bn through the three main government-backed loan schemes, according to Treasury data released today. Banks have given out £33.7bn through the bounce back loan scheme (BBLS) up until the week ending 26 July. The programme sees the government guarantee 100 per cent of bank loans worth up to £50,000 to [...]
Natwest closes SME accounts after coronavirus loan applications July 27, 2020 Natwest has closed the accounts of some small business customers who applied for the government’s coronavirus loans to help them through the pandemic, leaving them unable to access their money. A number of customers contacted the Guardian to complain that their accounts had either been suspended or closed without any explanation after they put in [...]
Sadiq Khan calls on government to extend furlough scheme July 27, 2020 Sadiq Khan has once again called on the government to extend its furlough scheme for struggling sectors ahead of changes this weekend which could lead to a surge in unemployment. From Saturday employers will have to pay national insurance and pension contributions for furloughed employees. However, for many sectors such as hospitality and leisure, the [...]
CBILS: Three ways SMEs can avoid a coronavirus loan rejection July 27, 2020 It has been nearly four months since the Treasury introduced the Coronavirus Business Interruption Loan Scheme (CBILS) in a bid to help firms through the pandemic. The scheme did not arrive without criticisms, coming under fire for what its critics called its unclear eligibility criteria and demanding personal guarantees. While some issues have since been [...]
‘Zombie’ firms set to fail as pandemic leaves 527,000 businesses on cliff-edge July 24, 2020 A record 527,000 businesses were in significant financial distress at the end of June, an increase of 33,000 since the beginning of the year. It represents a seven per cent increase since the start of the year, and nine per cent year-on-year, according to new research from corporate restructuring firm Begbies Traynor. While the coronavirus [...]
Counting the human cost of Covid — and of leaving small business owners behind July 23, 2020 The daily lists of cases, tests and R numbers tell a tale of the scale of the Covid-19 crisis, but they don’t always explain the full story of the cost on people’s lives. ACCA and the Corporate Finance Network (CFN) are running a tracker poll among accountancy firms representing more than 22,000 small businesses to [...]
Rishi Sunak ‘turns his back on’ 1m in need of coronavirus support July 23, 2020 MPs today blasted chancellor Rishi Sunak’s coronavirus support measures, saying he has turned his back on 1m Brits during the coronavirus pandemic. The Treasury Select Committee (TSC) today said Sunak’s response has failed to convince members he had done enough to support Brits impacted by coronavirus. “The chancellor has effectively drawn a line under helping [...]
Exclusive: MPs ask banks for clarity on state aid rules and coronavirus loans July 22, 2020 A group of MPs and Lords has written to lenders to try to ensure they take into account changes to EU state aid rules that could boost the UK’s coronavirus loan scheme, amid confusion about the alterations. It came as business group UK Hospitality urged the government to take the lead and make sure the [...]
These are the City jobs that let you work from home July 21, 2020 Those with higher pay packets are more likely to be able to work from home, official data revealed today, as companies begin to focus on flexible working for their staff. Wealthier workers such as actuaries, economists and statisticians are the most likely to be able to work from home, attracting an average salary of £22.94 [...]
Companies borrow £48bn through UK coronavirus loan schemes July 21, 2020 Close to £48bn has now been lent out through the government’s coronavirus loan schemes, with the bounce back loan (BBL) programme offering by far the most support for businesses. It comes as the UK government accelerates plans to reopen the economy. Pubs, restaurants and cafes were opened at the start of this month and gyms, [...]