Half of small businesses will never repay Bounce Back Loans, warn banks

Cash flow forecasting may boost your chances of securing a loan

During times of financial crisis, businesses are always advised that the key to survival is to keep a close eye on cash flow. But what happens if everything possible has been done and the company needs to secure a business interruption loan to get by? What can business owners do to increase their chances of getting approved and securing the money they urgently need?

Before completing an application form for a business interruption loan, business owners need to understand the true cash picture and how it might change in

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Posted on 5 days ago

What the revamped furlough scheme means for your small business

Cash flow forecasting may boost your chances of securing a loan

During times of financial crisis, businesses are always advised that the key to survival is to keep a close eye on cash flow. But what happens if everything possible has been done and the company needs to secure a business interruption loan to get by? What can business owners do to increase their chances of getting approved and securing the money they urgently need?

Before completing an application form for a business interruption loan, business owners need to understand the true cash picture and how it might change in

Read more
Posted on 5 days ago

Q&A with ContractZen CEO Markus Mikola

Cash flow forecasting may boost your chances of securing a loan

During times of financial crisis, businesses are always advised that the key to survival is to keep a close eye on cash flow. But what happens if everything possible has been done and the company needs to secure a business interruption loan to get by? What can business owners do to increase their chances of getting approved and securing the money they urgently need?

Before completing an application form for a business interruption loan, business owners need to understand the true cash picture and how it might change in

Read more
Posted on 5 days ago

7 ways to help your Coronavirus Business Interruption Loan get approved

Cash flow forecasting may boost your chances of securing a loan

During times of financial crisis, businesses are always advised that the key to survival is to keep a close eye on cash flow. But what happens if everything possible has been done and the company needs to secure a business interruption loan to get by? What can business owners do to increase their chances of getting approved and securing the money they urgently need?

Before completing an application form for a business interruption loan, business owners need to understand the true cash picture and how it might change in

Read more
Posted on 5 days ago

Half of small businesses will never repay Bounce Back Loans, warn banks

RBS chairman Sir Howard Davies has called for the creation of a toxic bad debt vehicle for coronavirus loans

Banks are warning that small businesses will never repay up to half of the Bounce Back Loans that have been taken out.

Moreover, when this happens, the Chancellor should prepare for the collapse of hundreds of thousands of small businesses.

Three senior bankers have warned that between 40 per cent and 50 per cent of the 608,000 borrowers who have taken out £18.5bn of Bounce Back Loans could eventually default on the debt.

Although the Government has said it will guarantee

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What the revamped furlough scheme means for your small business

From August, small businesses will have to cover 20% of furloughed staff wages plus NI and pensions

As expected, Rishi Sunak has announced changes to the furlough scheme affecting small business.

  • August: small businesses will be expected to cover national insurance and pension contributions of workers on the Coranvirus Job Retention Scheme. For the average claim, this represents 5 per cent of the gross employment costs the employer would have incurred had the employee not been furloughed
  • September: businesses will have to cover 10 per cent of the wage costs of furloughed workers on top of NI and pension contributions.
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Q&A with ContractZen CEO Markus Mikola

The business landscape is headed toward a new normal due to the global coronavirus pandemic. Companies are relying more and more on digital channels to do business where work is accomplished through remote means.

Currently, this rapid digital adoption is manifesting itself through work-from-home programmes and e-commerce adoption, but companies must be prepared to shift more of their processes and workloads online to cope. Governance is one such business area that companies must seriously consider prioritising. Tasks involved in strategic discussions, policy making, and business agreements demand secure collaborative platforms to perform digitally.

We recently spoke with governance solutions

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7 ways to help your Coronavirus Business Interruption Loan get approved

Cash flow forecasting may boost your chances of securing a loan

During times of financial crisis, businesses are always advised that the key to survival is to keep a close eye on cash flow. But what happens if everything possible has been done and the company needs to secure a business interruption loan to get by? What can business owners do to increase their chances of getting approved and securing the money they urgently need?

Before completing an application form for a business interruption loan, business owners need to understand the true cash picture and how it might change in

Read more