Last updated: 22 May 2020
UK Business Updates 22nd May 2020
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Hi and welcome to today’s business briefing.
It’s May 22nd and it’s my birthday weekend. Yay. It’s a bank holiday and I’m spending it at home probably.
Anyway, I want to just get this out today before the weekend because I want to get something out to you every week. And today I want to just give you a couple of updates to what’s going on.
There’s not much going on.
We have still not had confirmation that the self-employed support is going to be extended beyond this month.
So that could end April, may, June, you know, that could end very soon, or March, April, May even.
Three months is all that we’re giving.
So if you are furloughed, if you were an employee, or a director and your furloughed, that’s going to be extended until October with some conditions.
If you have not got your bounce bite loan and you haven’t watched my free training on how to use a bounce back loan, maybe you should…
… if you have a bounce back loan and you and you as a small business, you then need to go further. You’ve finished, you finished, you’re finished using up. They are they available, allowance on a bounce back and you need to go further….
…then that we have had confirmation now that the CIBILS bigger loan, the the adult of the loans, is going to be made available to businesses to move from bounce back two CIBILS. The, the maximum amount is now going to be £200 million for large companies. I’m hoping none of you, none of my clients would need £200 million.
Hopefully you make 200 million, you will need 200 million in funding. Because of my remit of clients, I help out typically in the £100k to £5 million turnover bands. It’s not mine, it’s mine. It’s not my target market, if you like, so that however you will need to meet, meet certain criteria. And of course the conditions or CIBILS loan is, is different to that.
For a BBL a Bounce back loan.
So bear that in mind.
News on the economy is that, more and more redundancies are now being announced as businesses are just simply running out of money.
It’s not because the government’s not supporting them with the 80%, but all the other overheads that are continuing, like, you know, insurance and rates and rent, and, you know, electricity and gas, and that just, there’s a whole load of overheads isn’t there, that, that, people sometimes forget about?
Well, not, not businesses like you and me.
Right?
But, all of those are still running out. Money is just running out. Cash is running out, you know, the bounce back lows, you know, 50,000.
The grants, 25,000 or 10,000, running out. And so, more and more redundancies being announced, which means unemployment is going to go up…
… now. that also means really, really good people are going to be available for employment, but it also means if you got really good people, they may not be available when you’re ready to move forward.
So you’ve got to do whatever you can to keep your good people.
And, there, there have been a lot of stories in businesses changing their business model and, doing really well.
There was, you’ve all heard of the, the one with the gym class right….
Welcome to Gordons Knight uk business update.
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