Sunak overhauls coronavirus small business loans

Rishi Sunak and Treasury officials have been in talks with lenders over the Coronavirus Business Interruption Loan Scheme

Rishi Sunak will announce an overhaul of the government’s coronavirus small business loans scheme on Friday (April 3) in response to mounting anger.

The government will remove the requirement for small businesses to show that they have no other means of funding before accessing the Coronavirus Business Interruption Loan Scheme (CBILS).

Firms trying to use the coronavirus small business loans scheme say banks have been demanding personal guarantees and quoting double-digit interest rates, driving applicants towards standard business loans.

Small business owners

Read more

How do I make someone redundant? – small business redundancy guide

Hard decision: many small business owners are having to make people redundant

The Covid-19 pandemic is having far-reaching consequences for businesses across the globe. Many have found that demand for their goods and services has fallen away drastically while others are prevented from operating due to government lockdowns. Other employers have been forced to consider redundancies in order to cut staff costs, but any small business based in the UK should give thought to other measures available before proceeding with redundancy as a last resort.

Coronavirus Job Retention Scheme

The newly announced Coronavirus Job Retention Scheme provides vital and unprecedented

Read more

Should I reduce my marketing budget due to coronavirus?

With the events and hospitality industry on its knees, millions of businesses forced to operate remotely, and the economy in decline, coronavirus has a lot to answer for.

One of the biggest issues for the business community is mounting fear. Whether that’s fear as to how the virus will impact the health of valued employees or fear as to whether UK businesses will be able to survive these unprecedented times.

As a result, many businesses have started to cut costs, pause spend and retreat from day to day operations.

For the majority, the first budget to be cut when facing

Read more

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,

Read more