Chancellor

Chancellor announces 100% guarantee on small business loans

Chancellor Rishi Sunak has announced the launch of a new ‘bounce back’ emergency loan scheme for small businesses, which will offer 100% guarantees on emergency loans. Today (27 April) Sunak told the House of Commons that the scheme would begin next week, offering SMEs loans of up to £50,000. The…

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Co-op expects £200m increase in costs amid Covid-19 crisis

The Co-op has warned that the Covid-19 pandemic is expected to increase its costs by over £200m. The grocery retailer also revealed it expects the increase which will be partly offset by increased food sales and the expected business rates relief announced by the chancellor. CEO Steve Murrells said no…

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Will there be coronavirus help for small company directors who are paid by dividend?

The financial plight of limited company directors has been raised by the Tory chairman of the Treasury select committee. Mel Stride, a former Treasury minister, said chancellor Rishi Sunak needs to view company directors as a tranche of people who have ‘slipped through the net’ of all the other largesse…

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Coronavirus Job Retention Scheme portal goes live

The portal for the Coronavirus Job Retention Scheme is now live, with the government saying that businesses with validated claims will receive payments within at least six days. Under the scheme announced last month, employers can claim a grant covering 80% of the wages for a furloughed employee, subject to…

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Chancellor extends coronavirus loan scheme to bigger firms

The Coronavirus Large Business Interruption Loan Scheme has been extended to include businesses with turnover greater than £500m. The £330bn package now allows all firms with a turnover of greater than £45m to apply for loans of up to £25m. Initially, businesses with a turnover of more than £500m were…

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Chancellor extends furlough scheme deadline

Chancellor Rishi Sunak has extended the deadline for the Coronavirus Job Retention Scheme after it was found that many people who had recently changed jobs were set to miss out.  Under the scheme announced last month, employers can claim a grant covering 80% of the wages for a furloughed employee,…

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AAB calls on government to enhance support for businesses           

Accountancy firm Anderson Anderson and Brown (AAB) has called on the UK Government to implement a series of “wide-reaching” measures aimed at helping businesses to survive the disruption caused by the Covid-19 pandemic. Lyn Calder, managing partner and also the firm’s head of deals for the Central Belt in Scotland,…

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Chancellor unveils new measures to SME loan scheme

Chancellor of the exchequer Rishi Sunak has unveiled a major overhaul to his previously announced SME loan scheme. Initially, the Coronavirus Business Interruption Loan Scheme (CBILS) was aimed at businesses unable to secure regular commercial financing as the virus took its toll on the UK’s economy. However, according to Sky…

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Chancellor set to announce overhaul to SME loan scheme

Chancellor Rishi Sunak is reportedly set to announce an overhaul to the SME loan scheme that will allow companies to access help quicker. According to Sky News, Sunak and members of the Treasury were reportedly in talks with major lenders, including Barclays, HSBC, Lloyds Banking Group and Royal Bank of…

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A fifth of SMEs at risk of collapse, say experts

Almost a fifth of SMEs will not survive the coronavirus crisis, according to new findings from the Corporate Finance Network.  The group predicted that the closures would take place within the next four weeks despite government support measures, as the pandemic continues to unfold and affect retail. The network, which…

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