Financing

Covid debt drowning small businesses to the tune of £104bn
Bounce Back Loans, Business, Business Loans, Coronavirus Business Interruption Loan, COVID-19, Debt Finance, Financing, Small Business Banking no comments

Covid debt drowning small businesses to the tune of £104bn

Not waving but drowning: small businesses struggle to stay afloat weighed down with over £100bn of Covid debt Bank lending to small businesses hit over £100bn last year as SMEs scrambled for Government-backed Covid debt facilities. Overdraft applications flatlined, despite gross bank lending to SMEs rising by 82 per cent to £104bn. Around 1.5m Bounce…

Super-deduction tax break – what is it and how does it work?
Accounts & tax, Budget 2021, Business, Financing, HMRC, super-deduction, tax no comments

Super-deduction tax break – what is it and how does it work?

Flying high: the super-deduction tax break will only last for two years until March 31 2023 What is the super-deduction tax? The super-deduction £25bn tax break, announced in last Wednesday’s Budget, is intended to spur investment by providing 25p off company tax bills for every pound of qualifying spending on plant and machinery. How the…

Microbusiness £50,000 Bounce Back Loans – how they work
Bounce Back Loans, Business, coronavirus, Coronavirus Business Interruption Loan, Financing, Small Business Banking no comments

Microbusiness £50,000 Bounce Back Loans – how they work

UPDATED: The government’s Bounce Back Loans scheme has been extended until the end of March 2021. Previously, the loan deadline was extended to January 31 2021. > See: Bounce Back Loan Scheme extended until the end of March We’ve answered some of the most frequently asked questions around the scheme. Can I have 2 Bounce…

Government plans permanent state-backed small business loan scheme
Bounce Back Loans, Business, Business Loans, Coronavirus Business Interruption Loan, Financing, Rishi Sunak, Small Business Banking no comments

Government plans permanent state-backed small business loan scheme

Continued support: Chancellor Rishi Sunak wants to keep supporting SMEs beyond January The government is planning to replace existing coronavirus business support with a permanent state-backed small business loan scheme. Under the plan, which would be launched in January, the government would guarantee 80 per cent of loans to small businesses, ranging from a few…