Home » Small business news roundup- 9th October 2020

Small business news roundup- 9th October 2020

How different circumstances affect the Self-Employment Income Support Scheme

The Self-Employment Income Support Scheme, which has been running over the past few months has been extended to include a second grant .You can claim for the second grant even if you did not claim for the first. You have until the 19th of October to apply for this grant.

There is one obligation for this Scheme; if you did not submit your Self-Assessment Tax return for the Tax year 2018 to 2019 on or before the 23rd April 2020, you will not be able to claim.

For the full story, click here. 

HSBC will not accept any more Bounce Back Loan applications

The Bounce Back Loan was introduced on the 27th of April, to mitigate the effect the Pandemic has on business. HSBC has been inundated with  applications and are now advising their customers that they are unable to take any more due to the high demand.

Small business will have until the end of November to apply for the BBL.

HSBC has stated that they will be closed to businesses opening new accounts until December 14th 2020.

For the full story, click here. 

New 5% deposit mortgage scheme to help create ‘Generation Buy’

The Pandemic has affected the housing market dramatically, during July and August there was a soar in the market, with the new rules on stamp duty allowing more people to buy houses.

This ,however, had a negative effect on first-time buyers with many banks wanting more of a deposit or even not wanting to leaned due to job uncertain.

Boris Johnson has now announced that it is only right to help the younger generation move away from rent. This will only happen if they reduce the amount of deposit they need to put down.

This will allow first-time buyers to get on to the market which in turn will fix the housing market. It’s thought this will help 2 million first-time buyers own their own home.

For the full story, click here. 

Covid-19: New restrictions for parts of England likely next week

Boris Johnson is preparing to make a speech on Monday the 12th of October to discuss the further tightening of rules in parts of England.

The cases are increasing week on week, with some areas increasing more than others. The restrictions are thought to become tightened. The rumoured restrictions include the closure of pubs and restaurants in the worst affected areas, as well as a three-tier system for local lockdowns.

They are, however looking into funds for the affected sectors such as the hospitality sector.

For the full story, click here. 

Covid-19: Rishi Sunak to announce help for shut down businesses

The chancellor is to outline the next stage of the Job Support Scheme to help firms that might have to close in the coming weeks due to tighter restrictions on the worst affected areas.

The support scheme will be a six-month plan with a three-month review window.

To view the full story and find out if you’re suitable for the Scheme, click here.