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The Recovery Loan Scheme is live!
The Recovery Loan Scheme (RLS) was announced by Chancellor Rishi Sunak in the 2021 Budget last month as the replacement for the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounceback Loan Scheme (BBLS), both of which are now closed. RLS is...
An Entrepreneur’s Guide to the 2021 UK Budget
Chancellor Rishi Sunak delivered his Budget on 3 March and it’s very clear that this is a budget to ensure the economy can recover post-pandemic, with only one minor sting in the tail. In the run-up to the Budget, the media had widely trailed changes to the...
Job Support Scheme Open – a much improved offer from the Chancellor
The Chancellor today announced significant improvements to the Job Support Scheme, bringing it in line with some of the schemes I have seen around Europe, and this will go a long way towards protecting jobs over the winter months. The new Job Support Open...
BIG announcements from the Chancellor just now
Chancellor Rishi Sunak made some big announcements in Parliament today that will have a big impact on SME businesses. There will be a lot more detail to come in the next few days. In the meantime, here is a high level summary of what was announced today. ...
Should I take one of these government-backed loans?
I hate the thought of being in debt. Should I take one of these government-backed loans? This is a question I’ve been asked by many business owners in recent weeks. There are lots of people who have a real fear of being in debt. The thought of it makes them...
The cash is finally flowing – an update on CBILS and BBLS
Well it’s about time! Statistics released yesterday show that more money has been lent under the Bounce Back Loan Scheme (BBLS) in its first week that the Coronavirus Business Interruption Loan Scheme (CBILS) in more than a month. In the week since it went...
Bounce Back Loans Scheme (BBLS) going live on Monday and CBILS update
Bounce Back Loans, which are available to the smallest SME businesses are going live on Monday, 4 May. These loans will be available up to 25% of your turnover, with a maximum loan of £50,000. Bounce Back Loans are 100% guaranteed by the UK government...
CBILS Update – Tales from the Front Line
Over the past 10 days, I have interviewed around two dozen entrepreneurs about their CBILS experiences and also spoken with senior bankers from several high street banks. Everyone was promised anonymity in return for giving me the full story of CBILS from their...
CJRS Update – portal going live on Monday
They’ve done it! The HMRC portal for claiming under the Coronavirus Job Retention Scheme goes live on Monday 20 April. They haven’t said what time it goes live. Night owls, I recommend you stay up on Sunday night and try to access the portal in the wee small...
CJRS Update – a step in the right direction but still not enough
Much noise was made yesterday about the latest changes to the Coronavirus Job Retention Scheme (CJRS). It’s definitely an improvement, but it still leaves many who changed jobs after 28 February in the void. There’s been a little more about the portal for...
CJRS Update – clarity for company directors
The government has updated the rules of the Coronavirus Job Retention Scheme. The underlying rules of the scheme are unchanged: You can claim 80% of the wages of furloughed employees up to a cap of £2,500 per employee per month, plus employer’s NI and...
CBILS Update – the Chancellor has listened
Finally, there is some good news for SME business owners. It’s been two weeks since Chancellor Rishi Sunak announced CBILS, the Coronavirus Business Interruption Loan Scheme, and SME business owners are getting scared. The government said the money would be...
Big Temporary Changes to Insolvency Law and Wrongful Trading Announced
Yesterday, Alok Sharma, the Secretary of State for Business, Energy and Industrial Strategy gave the government’s daily briefing to the press. Among other things, he announced that there would be a temporary relaxation to insolvency laws, designed to give company...
An Open Letter to Chancellor Rishi Sunak
This is an open letter I've just posted to the Chancellor to try and redress the gaping hole that entrepreneurs and self-employed people find themselves in. Dear Chancellor, The actions that you and the government have taken to protect the...
The Coronavirus Job Retention Scheme in plain English
At last, HMRC has published guidelines on the operation of the Coronavirus Job Retention Scheme (CJRS). Here they are, translated into plain English. Who qualifies? Any UK organisation that is registered with HMRC for PAYE and had employee(s) on the...
The Chancellor giveth, and the Chancellor taketh away
Help for the self-employed? Not if you’re doing well. I have to say that I’m very worried by the Chancellor’s announcements this evening. Rishi Sunak opened his presentation saying that the self-employed would get a similar deal to employees who are furloughed...
The Coronavirus Business Interruption Loan Scheme (CBILS) is now live
The scheme announced by the Chancellor last Wednesday has now gone live, and there are more than 40 accredited lenders - including all the main high street banks - who offer CBILS. It is strongly recommended that you initially approach your existing bank(s)....
UK Governments Support for SME Businesses
There have been some big announcements this week from the UK Government about support for businesses affected by Covid19. Not all of the details have been made available, but I wanted to write to you setting out what I have interpreted from the announcements...
10 Book Cover Challenge
Recently, I was challenged by a friend to post the covers of 10 books that greatly influenced my leadership and business. One book per day, for ten consecutive days. No explanations, no reviews, just book covers. It was really fun to do, and several people have...
Giving Thanks
Over the last few weeks, I’ve been delighted to share some excerpts from my upcoming book with you. In writing these posts, I’ve been struck by the wide range of influences I’ve had, and of the transformative power of other people’s work. Most of all, however,...