Home » Small business news roundup-6th November 2020

Small business news roundup-6th November 2020

Rishi Sunak announces a change in business support schemes

 Another announcement – the changes are coming thick and fast, and just as we familiarise ourselves with one scheme, more changes are mad!

This, however, will give some security to businesses that are forced to close, and those that historically struggle over the winter/post-Christmas months – more furlough!

That is right – the Job Retention Scheme (furlough) has been extended until the end of March 2021 and the self employed grant has become more generous.

To read these changes in detail please visit our coronavirus business support hub.  and look at our daily updates.

 

Mortgage holidays extended for up to six months

 The original scheme was due to end this Saturday however, it is now being extended for another six months. If you are a mortgage owner that has not yet had a mortgage holiday, you can request one that lasts up to six months.

However, if you have previously used the mortgage holiday, you can still apply until you reach the six-month limit.

To read the full story, click here.

Business borrowing from banks ‘up fivefold’ amid Coronavirus

With no end in sight for the Coronavirus, the impact on businesses is increasing. Meaning more businesses are having to borrow money to stay afloat. Studies suggest that borrowing for businesses could continue until 2022.

As well as the increase in business borrowing, there’s also been a rise in consumer borrowing.

To read the full story, click here. 

Credit card freeze extended for six months ahead of new lockdown

As well as the mortgage holiday being extended throughout the second lockdown, the payment holiday (credit cards, car finance and personal loans) has been extended.

The Financial conduct authority has announced that customers who’ve not yet deferred payment can request one for up to six months.

If you have already benefitted from this deferral, you can still apply for a second.

To read the full story, click here.

No high street banks are accepting fresh Bounce Back Loan applications

While the BBL is being extended until the end of January, no high street bank is excepting applications for new customers.

As of the 3rd of November, the only bank that is open to accepting BBL is Starling Bank. However, a waiting list is in place, prioritising established businesses and sole traders who are current customers of the bank.

To read the full story, click here. 

Report suspicious HMRC emails, text messages and phone calls

The Covid Pandemic has brought many problems. An increase in scams is one that is constantly on the rise. With the fear of uncertainty already in people’s minds, it can make you lose track of what’s genuine and what’s not. HMRC have stated there’s been an increase of scammers that claim to be HMRC.

The scams can be in any form such as emails, text messages and even phone calls. Stating that due to COVID you have tax to pay, HMRC is advising if this occurs do not respond or click on any links. HMRC wouldn’t send notifications of tax rebate like this; it would normally be a letter.

HMRC are urging people to report any suspicious messages to, click here.

We urge that you inform friends and family to be vigilant, so you do not get caught up in the scam.