Businesses struggle to survive as banks refuse Government-backed coronavirus loans

Business owners feel let down by banks and say the Government’s business interruption loan scheme ‘isn’t working’ (Picture: PA) Small business owners say the Government’s emergency coroanavirus loan scheme is failing them as banks including HSBC, NatWest, Barclays and Lloyds ‘take advantage’ of them at their most vulnerable. Last month Chancellor Rishi Sunak announced an ‘unprecedented’ £300 billion worth of state-backed loans with ‘attractive’ rates to stop firms from going under during the pandemic. Many businesses being ordered to close and people being urged to stay inside to fight the…

Read More

Banks suspend dividends to save money amid coronavirus pandemic

Barclays, Lloyds and NatWest said they would not be returning money to shareholders (Picture: APF, Reuters) Britain’s biggest banks including Barclays, Lloyds and NatWest said they would not return money to shareholders via dividends until the end of the year due to the coronavirus outbreak. It comes after a request from the Bank of England’s Prudential Regulation Authority (PRA) that they suspend all plans to return money to shareholders. The banks will also cancel all outstanding dividends from last year. The banks also said they would not be buying back…

Read More

London landlords refuse rent discounts despite knowing businesses may go under

Businesses are demanding rent relief to stop them from going under (Picture: PA) Landlords have been refusing to waive rent for bars, clubs and shops in the capital which have been forced to close due to the nationwide coronavirus lockdown. Businesses could essentially be paying for empty buildings for the foreseeable future and are calling write-offs to ensure their survival after the pandemic. Jeremy Joseph, who owns the G-A-Y clubs in London’s West End and Manchester said enterprises like his are at risk of ‘going bankrupt’ unless landlords provided discounts.…

Read More

Businesses can now get state-backed loans of up to £5,000,000 during outbreak

Loans of up to £5,000,000 per SME can be accessed under the new scheme (Picture: Getty Images/Reuters) A pair of government schemes to help businesses of all sizes hit by the coronavirus outbreak are now open. The Coronavirus Business Interruption Loan Scheme (CBILS) can provide state-backed loans of up to £5 million to small and medium-sized businesses who experience lost or deferred revenue disrupting their cashflow.  The Bank of England has also opened the Covid Corporate Financing Facility to help raise capital for ‘large firms who need it’.  The Treasury…

Read More

Businesses can now get state-backed loans of up to £5,000,000 during outbreak

Loans of up to £5,000,000 per SME can be accessed under the new scheme (Picture: Getty Images/Reuters) A pair of government schemes to help businesses of all sizes hit by the coronavirus outbreak are now open. The Coronavirus Business Interruption Loan Scheme (CBILS) can provide state-backed loans of up to £5 million to small and medium-sized businesses who experience lost or deferred revenue disrupting their cashflow.  The Bank of England has also opened the Covid Corporate Financing Facility to help raise capital for ‘large firms who need it’.  The Treasury…

Read More

Cineworld reviewing staff dismissals after Rishi Sunak’s pledge to pay 80% of salaries

Cineworld closed across the country this week (Picture: Backgrid) Cineworld is ‘exploring’ how to assist members of staff dismissed amid the coronavirus pandemic after the government pledged to pay 80% of employees’ wages. Earlier this week the chain began laying off staff with immediate effect as cinemas across the UK closed. It is not known exactly how many employees were let go. Chancellor Rishi Sunak then announced on Friday that the government would pay 80% of the salaries of staff kept on by their employers, covering wages of up to…

Read More

Cineworld reviewing staff dismissals after Rishi Sunak’s pledge to pay 80% of salaries

Cineworld closed across the country this week (Picture: Backgrid) Cineworld is ‘exploring’ how to assist members of staff dismissed amid the coronavirus pandemic after the government pledged to pay 80% of employees’ wages. Earlier this week the chain began laying off staff with immediate effect as cinemas across the UK closed. It is not known exactly how many employees were let go. Chancellor Rishi Sunak then announced on Friday that the government would pay 80% of the salaries of staff kept on by their employers, covering wages of up to…

Read More

Hotel staff sacked on the spot and made homeless amid coronavirus outbreak

Staff were told to leave the Britannia Hotels site immediately (Picture: Aviemore Coylumbridge Hotel/Twitter) Staff at a hotel in the Scottish Highlands have been sacked on the spot and told to leave their accommodation immediately – with the company pinning the blame on government coronavirus advice. A letter was sent to workers at the Coylumbridge Hotel in Aviemore – which is run by the notorious Britannia Hotels group – who appear to have made the decision based on advice from the ongoing Covid-19 outbreak. When contacted by the PA news…

Read More

Tui cuts 10,000 workers’ salaries by up to 50% amid Covid-19 crisis

Tui is the latest travel company to make serious cuts to cope with the outbreak (Picture: Alamy) More than 10,000 Tui employees are set to have their salaries cut by up to half as a response to the Covid-19 pandemic. The company has become the latest travel operator to make drastic changes, as the industry faces ‘unprecedented pressure’. However, bosses pledged to maintain a minimum wage of almost £17,100 for staff. From April, staff required to work will receive a 30 per cent reduction in basic pay and contracted hours,…

Read More

Co-op creates 5,000 jobs for people who lost jobs to coronavirus

The supermarket announced the move today (Picture: Rex) The Co-op supermarket is to create 5,000 jobs in a bid to provide temporary employment for hospitality workers who have lost their jobs amid the coronavirus crisis, the company announced. With 2,500 stores, the chain is the UK’s sixth biggest food retailer. A spokesman said earlier today: ‘We’re committed to supporting communities during this difficult time. ‘To help feed the nation we’re urgently recruiting permanent and temporary colleagues at our food stores.’ More folllows. Advertisement Advertisement Source

Read More