News That Matters

Tag: firms

‘I’m living on cards’: The firms waiting for emergency loans

‘I’m living on cards’: The firms waiting for emergency loans

Business
Businesses are still struggling to access government-backed loans from their banks. Hina Solanki says she has had a nightmare trying to get support from her bank for her tattoo business to get through the lockdown."I can't pay anything. I'm living on cards. It's extremely stressful", she says. For the last fortnight she has been trying to apply for a £50,000 Bounce Back Loan from her bank."But I just get error messages," she says. "They seem to have a technical fault."She's not alone, even though it is nearly two weeks since the launch of the Bounce Back Loan Scheme (BBLS) to prop up stricken small businesses.Hundreds of thousands of applications have been approved, but BBC News has seen a string of complaints about leading banks
Prosecution threat for firms who fail to make premises ‘COVID secure’

Prosecution threat for firms who fail to make premises ‘COVID secure’

Business
Companies are being threatened with prosecution if they do not make premises "COVID secure" for returning workers. The warning comes as people in England are told to go back to work from Wednesday if they cannot do their job from home - such as builders and manufacturers. Ministers have stressed firms should ensure social distancing stays in place as the lockdown is slowly eased over the next few months to stop the spread of coronavirus, which has already killed 32,692 people in the UK. Image: More than 32,000 people have died with the virus in the UK Best practice plans have been drawn up by the government for businesses to ensure workers are protected - such as remaining two metres apart, being given face masks or provided with...
Sunak unveils 100% state-backed loans for small firms

Sunak unveils 100% state-backed loans for small firms

Business
Media playback is unsupported on your device Small firms are to get access to 100% taxpayer-backed loans after they raised concerns about slow access to existing coronavirus rescue schemes.Chancellor Rishi Sunak told the House of Commons the scheme would start next week, offering firms loans up to £50,000 within days of applying.It aims to unlock a backlog of credit checks by banks amid fears many small firms could fold before getting loans.The scheme requires filling in a two-page self-certification form online.The loan terms mean that no capital or interest repayments will be due for one year. Instead, the government will pay the interest for the first 12 months.Banks have come under fire for delays in handing out loans, but have blamed the
Insurers estimate virus payouts to UK firms to be £1.2bn

Insurers estimate virus payouts to UK firms to be £1.2bn

Business
Payouts to UK firms over coronavirus could cost £1.2bn, initial estimates from the Association of British Insurers (ABI) indicate.Close to £900m will go to a small number of firms that have infectious disease insurance, the ABI says.Watchdogs are predicting a rise in disputes between companies and insurers over whether their cover includes the financial fallout of Covid-19.The Treasury Select Committee is urging insurers to be fair with claimants. Most of the £1.2bn figure is made up of business interruption insurance, but only to those companies which took out specialist policies, such as Wimbledon organisers the All England Club, . ABI chief executive Huw Evans explain
CBI warns of ‘race against time’ to save firms from collapse

CBI warns of ‘race against time’ to save firms from collapse

Business
The CBI has demanded that ministers beef up help for businesses in a "race against time" to save jobs and livelihoods.Dame Carolyn Fairbairn, the CBI's director-general, said government intervention had already saved millions of jobs but that a "new wave of support" was needed. It came hours after figures showing £2.8bn has been advanced to struggling small and medium-sized businesses under a Treasury-backed scheme - which has been criticised for being too slow.More than 16,000 loans have been approved under the scheme but that compares to an estimated 300,000 companies that have expressed an interest.The CBI said the figures highlighted the need to "accelerate the delivery" of existing support at a time when many firms were facing "unrelenting" pressure - with the latest data painting a d