Business support loans pass £31bn

More than 745,000 businesses in the UK have taken advantage of government-backed coronavirus loans worth £31.3 billion. Bounce-back loans accounted for £21.3bn, £8.9bn in business interruption loans went out, followed by £1.1bn in large business interruption loans. In...

HMRC launches coronavirus grants crackdown

Individuals who fraudulently claimed coronavirus grants are in HMRC's sights, following a proposed amendment to Finance Bill 2019-21. In draft legislation posted on GOV.UK, the Revenue outlines how it will be able to recover payments where a recipient was not...

Calls grow to extend support for the self-employed

Chancellor Rishi Sunak is being urged to extend the self-employed income support scheme (SEISS), which ends this weekend. The scheme pays lump sums worth 80% of total profits, up to £2,500 a month, over a three-month period starting from March 2020. More than two...

Furlough scheme covers 8.4m workers

The number of employees who are covered by the Government's furlough scheme has passed 8.4 million, according to the Treasury. That means 30% of the UK's 28m employees were covered by furlough scheme on 24 May 2020. The scheme, formally known as the coronavirus job...

Coronavirus loans’ bill passes £22bn

UK businesses have claimed more than £22 billion in Government loans and guarantees to support their cashflow during the coronavirus crisis. That includes more than £14.18bn in 464,393 bounce-back loans for small businesses, just two weeks after the scheme was...