Rishi Sunak unveils 100 per cent state-backed ‘bounce back loans’ for small businesses April 27, 2020 The UK’s smallest businesses will have guaranteed access to loans of up to £50,000 within 24 hours of applying, chancellor Rishi Sunak announced today. The new “bounce back loans” will be 100 per cent guaranteed by the Treasury, meaning the government will take on all the default risk, and will be available from next Monday [...]
Private equity groups: EU state aid rules could block coronavirus loans April 27, 2020 Private equity firms are increasingly concerned that viable but highly-indebted or loss-making British firms, potentially including high-street names, will be ruled out of coronavirus business loan schemes due to European Union state aid rules. European lobbying groups representing the industry are set to write to the EU this week to try to ensure such firms [...]
Coronavirus: Government must be more imaginative to save small businesses April 27, 2020 The Coronavirus Business Interruption Loan Scheme (CBILs) was launched to much fanfare, with people lining up to praise the far-sighted, generous nature of the programme and proclaim how much it would do for small business. A staggering £330 billion was set aside for interest-free loans, with the Government willing to sit behind 80 per cent [...]
Retailers call on government to withdraw ‘disastrous’ business rates bill April 27, 2020 A coalition of retail organisations today called on the government to ditch a business rates bill they say would be “disastrous”for the high street. The Non-Domestic Rating (Lists) Bill brings forwards the next revelation of business rates for 2.08m non-domestic properties in England and Wales to 1 April 2021. If the bill receives asset, it [...]
Exclusive: Liberal Democrats push government to set clear coronavirus loan scheme guidelines April 26, 2020 The Liberal Democrats have led a group of 25 cross-party MPs in demanding the government sets uniform lending requirements for its coronavirus business loan scheme in order to increase the speed at which banks approve loans. Liberal Democrat MP Wera Hobhouse wrote to business secretary Alok Sharma to urge him to “specify a minimum level [...]
PM’s ex-economic adviser urges govt to go ‘further’ on coronavirus loans April 24, 2020 A former chief economic adviser to Boris Johnson has urged the government to underwrite 100 per cent of coronavirus business loans. Speaking exclusively to City A.M. editor Christian May on the City View podcast, Dr Gerard Lyons called on the government to do more to funnel loans to small businesses hit by coronavirus. Lyons said [...]
The City View podcast from City A.M., with Dr Gerard Lyons April 24, 2020 In this episode Christian is joined by Dr Gerard Lyons, former economic adviser to Boris Johnson. Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Gerard gives his expert analysis of [...]
CBILS application process ‘soul destroying’, says director of film industry business April 23, 2020 The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said. Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very [...]
Coronavirus loans double to £2.8bn but only half are approved April 23, 2020 Banks have approved less than half of applications for coronavirus loans, as industry figures warn firms risk missing out. Loans for businesses increased £1.45bn in the week from 14 April to 21 April. It brings total lending under the Coronavirus Business Interruption Loan Scheme (CBILS) to £2.8bn, according to UK Finance data. Over 9,000 loans [...]
Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]