Month: March 2020

Wales announces £500m Economic Resilience Fund

Wales has announced a £500m package partly to help small business survive coronavirus

The Welsh government has announced a £500m Economic Resilience Fund, partly to help small businesses blighted by coronavirus.

The Economic Resilience Fund aims to plug gaps in the support schemes already announced by the UK government, including the Job Retention Scheme and the Self-Employed Income Support Scheme, which will guarantee 80 per cent of people’s wages and income.

>See also: How to get the government’s £10,000 cash grant for small businesses

The new £500m Economic Resilience Fund will support firms of all sizes, including social enterprises,

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Banks not cooperating with coronavirus loan, complain small businesses

Small businesses complain that high-street banks are not entering into the spirit of the government emergency coronavirus loan, pushing them towards expensive products instead.

Entrepreneurs who have contacted Small Business show that banks are either wrongly understanding the Coronavirus Business Interruption Loan Scheme (CBILS) by asking for personal guarantees or are deliberately up-selling it, directing small businesses to take out regular business loans instead.

Alice Douglas, who runs St Curig’s Church bed and breakfast in Snowdonia, North Wales, said that she is faced with £20,000 worth of cancelled bookings because of coronavirus closure. She spent two days trying to get

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7 ways to cut staff costs during the coronavirus crisis

Cashflow is a major concern for small businesses during the coronavirus crisis. The vast majority are looking to cut staff costs in order to survive the coronavirus pandemic, and indeed prosper once normality is restored.

But what if you have a talented workforce who you don’t want to lose? We all know how hard it has been to recruit over the last couple of years, especially in tech and for highly skilled positions.

How can businesses cut staff costs during the coronavirus crisis?

>See also: How to get the government’s £10,000 cash grant for small businesses

#1 – Furlough leave

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Self-employed Income Support Scheme what it means for you

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UPDATED: Chancellor Rishi Sunak has announced a Self-Employed Income Support Scheme to help Britain’s 5m self-employed get through the coronavirus pandemic.

The Self-Employed Income Support Scheme will offer a taxable grant of up to 80 per cent of a self-employed person’s income based on their taxable profits over the past three years, capped at £2,500 per month.

The scheme will only become available at the beginning of June and will have an initial three-month lifespan, to be reviewed.

And the Self-Employed Income Support Scheme will only cover those who paid tax on trading profits of up to £50,000 of

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