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‘I had a nice lifestyle, no debt. Now I owe £35k’: Shop owners desperate for post-pandemic help in the budget

‘I had a nice lifestyle, no debt. Now I owe £35k’: Shop owners desperate for post-pandemic help in the budget

Business
Guildford High Street, with its pretty cobbled streets, chi chi shops and historical architecture, is the perfect example of an affluent commuter suburb.But even this pleasant corner of Surrey hasn't been immune from the economic shock of the pandemic. The Hair and Beauty Bar has been a staple on the High Street for 21 years, but after being forced to close for the third time in 12 months, owner Gemma Raif is fearful of the future.Live COVID updates from the UK and around the world "The past year's been very difficult," she said. "I had a successful business that gave me a nice lifestyle, with no debt. Now I owe at least £35,000 in rent, which is not a nice place to be when you're not used to being in debt. If the landlords decide to pursue me, it could be my house that could go." ...
UK 4G smartphone owners may be due £480m pay-out

UK 4G smartphone owners may be due £480m pay-out

Technology
Getty ImagesAbout 29 million people in the UK may be entitled to compensation of up to £30 each if a legal claim from watchdog Which? is successful.It is suing chipmaker Qualcomm, claiming it breached UK competition law by taking advantage of its dominance in the patent licensing and chip markets.Which? alleges that it charged inflated fees to manufacturers, which were then passed on to consumers in the form of higher smartphone prices.Qualcomm said the case had "no basis"."As the plaintiffs are well aware, their claims were effectively put to rest last summer by a unanimous panel of judges at the Ninth Circuit Court of Appeals in the United States," a spokesman told the BBC.Which? is seeking damages for all affected Apple and Samsung smartphones purchased since 1 October 2015. It estimate...

Business owners expecting paycheck protection loan forgiveness can’t deduct expenses

Finance
The Internal Revenue Service (IRS) headquarters in Washington, D.C.Janhvi Bhojwani | CNBCEntrepreneurs who took a forgivable loan this year can't write off certain expenses on their taxes if they expect the debt will be forgiven, according to the IRS and Treasury Department.The two agencies issued guidance Wednesday on the Paycheck Protection Program – an emergency line of funding for small businesses established by the CARES Act.Generally, applicants are eligible for loan forgiveness if they use at least 60% of the proceeds on payroll costs. Businesses that fall short may be eligible for partial forgiveness.Though the program generated plenty of interest – more than 5 million loans were approved, accounting for $ 525 billion – questions have lingered on whether small businesses would be ...

Trump admin funds plasma company based in owner’s condo

Health
WASHINGTON -- When the Trump administration gave a well-connected Republican donor seed money to test a possible COVID-19-fighting blood plasma technology, it noted the company’s “manufacturing facilities” in Charleston, South Carolina.Plasma Technologies LLC is indeed based in the stately waterfront city. But there are no manufacturing facilities. Instead, the company exists within the luxury condo of its majority owner, Eugene Zurlo.Zurlo's company may be in line for as much as $ 65 million in taxpayer dollars; enough to start building an actual production plant, according to internal government records and other documents obtained by The Associated Press.The story of how a tiny business that exists only on paper has managed to snare attention from the highest reaches of the U.S. milita...

Trump moves against Chinese owners of TikTok and WeChat apps

Technology
President Trump broadly prohibits unspecified ‘transactions’ with Chinese owners of TikTok and WeChat via executive order in 45 daysBy TALI ARBEL AP Technology WriterAugust 7, 2020, 8:30 PM1 min readShare to FacebookShare to TwitterEmail this articleNEW YORK -- President Trump is broadly prohibiting unspecified ‘transactions’ with Chinese owners of TikTok and WeChat via executive order in 45 days. Trump had threatened a deadline of Sept. 15 to “close down” TikTok unless Microsoft or “somebody else” bought it. Video app TikTok, which is owned by ByteDance;,Microsoft and Tencent, which owns messaging app WeChat, had no immediate replies to questions. U.S. Secretary of State Mike Pompeo on Wednesday had said that the U.S. government was expanding its crackdown on Chinese technology b...