Monthly Archives: July 2020

Everything You Need To Know About Bounce Back Loans

(Source: getstencil)

The Chancellor launched the Bounce Back Loan Scheme (BBLS) in April to help small and medium-sized businesses suffering from the effects of the coronavirus pandemic.

As Mr Sunak mentioned in his Summer Economic Statement, 1 million businesses have applied to the scheme and £31 billion has been approved in loans so far.

However even though it has been three months since the announcement, many people are still not sure how the scheme works.

So here’s everything you need to know about Bounce Back Loans.

How Do Bounce Back Loans Work?

With these loans:

  • Small and medium-sized enterprises can borrow up to 25% of their turnover.
  • The maximum loan amount is £50,000.
  • They are 100% guaranteed by the government.
  • No interest or fees are accrued for the first year.
  • After the first twelve months, the interest rate becomes 2.5% a year.
  • There are no repayments to be made in the first year. This is crucial, as this gives businesses some breathing space and a chance to recover from the turbulence of the pandemic.
  • The term is for six years. But if you can repay it sooner? No problem! There are no early repayment penalties.

What Are The Criteria To Apply For Bounce Back Loans?

(Source: getstencil)

To apply for help on the Bounce Back Loan Scheme (BBLS), a business:

  • Must be based in the U.K.
  • Must have been established before 1 March 2020.
  • Will have been negatively impacted by the coronavirus pandemic.
  • Cannot be a bank or insurance company.
  • Cannot be in the public sector, or a state-funded school.

If you meet these criteria and wish to apply, there are several lenders participating in the scheme. You’ll find the list of the Bounce Bank Loan Scheme lenders here.

And a tip: You don’t have to do this, but it might be easier to apply wherever you do your business banking, if they are on the list.

What Do I Need To Apply For a Bounce Back Loan?

The exact details of what you need to provide to apply for a Bounce Back Loan may vary slightly from lender to lender, but in broad terms this is what you’ll need to do:

  • You’ll be asked to fill in a short application.
  • You’ll be asked to confirm that you qualify, i.e. that you meet the criteria listed above.
  • To provide details about your business such as business name and address, contact details, and your annual turnover.

The process should be easier if you apply with your business bank, as there is already an existing working relationship. They already have some data and knowledge about you and your business, which should simplify and accelerate the application process.

What Should I Do Next:

If a Bounce Back Loan sounds like the kind of support you need or qualify for, it’s worth having an initial conversation with your accountant.

And once you decide to proceed, contact any of the banks listed in the list of lenders above to start your application.

Still Struggling To Understand How It Works?

(Source: getstencil)

If you need further clarification about the Bounce Back Loan Scheme (BBLS) and how it works, you can contact me here.

Summary of The 2020 Summer Economic Statement

(Source: theguardian.com)

Did you listen to Chancellor Rishi Sunak’s Economic Statement last Wednesday 8 July?

“We will not be defined by this crisis, but by our response to it,” he said, and respond he did.

It was the second stage of his response to the coronavirus pandemic, and the focus is protecting, supporting and creating jobs.

The first stage involved providing crucial and immediate support in March through initiatives such as the Coronavirus Jobs Retention Scheme, where employees are furloughed on 80% of their salaries. £20.8 billion has been claimed by businesses so far, which has ensured that 9.1 million people kept their jobs.

However it was never expected to run indefinitely, and Mr Sunak confirmed the scheme will wind down by October and be replaced by a Jobs Retention Bonus Policy aimed at retaining people in work and staving off the threat of unemployment for millions.

Here’s a breakdown of the policy, and a summary of the Summer Economic Statement: 

Protecting Existing Jobs

Jobs Retention Bonus Policy:

The policy has at its core a reward system for employers who bring back furloughed staff and retain them till January 2021. Companies will be paid a Jobs Retention Bonus of £1,000 for each employee, on the condition that they are paid a minimum of £520 per month.

Financial commitment: £9 billion.

Hospitality & Leisure:

(Source: getstencil)

There was an acknowledgement that these sectors employ more than 2 million people who tend to be among the lowest paid n the country. Consequently, people who work in this sector have been some of the hardest hit by the pandemic. And the numbers don’t lie; 1.4m have been furloughed!

The Chancellor announced two new measures to revive the hospitality and leisure industries. The first is a VAT reduction on food, accommodation and attractions such as amusement parks from 20% to 5%. The reduction on this sales tax takes effect on Wednesday 15 July and will run until 12 January 2021.

It’s expected to benefit 150,000 businesses and protect 2.4 million jobs.

Financial commitment: £4 billion.

The second measure to facilitate recovery in the hospitality and leisure sectors has been designed specifically to get customers back into restaurants and pubs. The government-backed “Eat Out to Help Out” discount will be available for everyone in the country to use on certain weekdays this August.

Patrons will benefit from a 50% discount (up to a maximum of £10 per head) from Monday – Wednesday for the month, and businesses can register from Monday 13 July.

Supporting People To Find Jobs

Kickstart scheme:

(Source: getstencil)

A new kickstart scheme targeted at young people will pay employers to create new jobs for 16-24 year-olds at risk of long-term unemployment.

To qualify, the jobs must last six months, be for at least 25 hours per week and pay at least minimum wage. With a £6,500 grant per person and no cap on available places, the expectation is that this guarantees that the youth do not bear the brunt of the economic effects of the pandemic.

Financial commitment: £2 billion. 

Apprenticeships, Trainees & Support for the Unemployed:

Mr Sunak also announced schemes to encourage employers to take on trainees, Career Advisers to support 250,000 people, an expansion of the universal skills offer (with plans to triple existing places), apprenticeships funded at £2,000 each, and support for the unemployed with more work coaches, and £1 billion pumped into the Department for Work and Pensions to help support people back into work.

Creating Jobs

A Green Recovery:

(Source: getstencil)

Government ministers have previously talked about making this a green recovery, and the Chancellor announced a historic investment in infrastructure & jobs in the sector by way of a green homes grant, which will provide homeowners and landlords with vouchers to make their homes more energy-efficient from September.

Expected to make 650,000 homes more energy-efficient, the vouchers will cover two-thirds of the cost or £5,000 per household. This will double for low income households.

Financial commitment: £2 billion.

Stamp Duty Cut:

(Source: getstencil)

Probably the most eye-catching announcement was the immediate cut in stamp duty on property sale transactions below £500,000 until 31 March 2021. This is expected to resuscitate the property industry and In the Chancellor’s estimation, this temporary cut will benefit 9 out of 10 people buying their main home.

Total financial commitment for these announcements and initiatives is £30 billion. The third phase of his coronavirus response will be announced as part of the Autumn Budget & Spending Review.

Everything You Need To Know About My Microsoft Teams Workshop

(Source: fmtconsultants.com)

I’ve previously extolled the virtues of Microsoft Team as a collaboration tool, and explained why I think it’s the best one for you.

If you missed it or would like a refresh, you can read my blog post on why Microsoft Teams is the best tool for you here.

I’m running a workshop on Friday 10 July help you hit the ground running with the tool, so here’s everything you need to know about my Microsoft Teams workshop.

Who Is The Workshop Aimed At?

(Source: Sketch Apps)

This workshop is for you if:

1. You have never used Microsoft Teams before, and don’t know where to start

It can be confusing, overwhelming even. Especially if you have a deadline by which you have to get your head around it – to accommodate a client request, for instance.

Instead of adding “learning Microsoft Teams” to your to-do list and battling with it on your own, attending my workshop will equip you by giving you the knowledge you need.

2. You use the tool, but are not confident with it yet

Do you use Microsoft Teams already, but are still unsure of what to do? One this is clear to you, you definitely aren’t using the basic functionality properly!

Then, this workshop is exactly what you need.

What Topics Will Be Covered?

Here are some of the themes I’ll cover:

  • I’ll give you an overview of Microsoft Teams
  • How to set it up
  • How to manage teams and team members
  • How to work with people who are external to your business (such as clients, partners and suppliers)
  • Collaboration and document sharing
  • Breakout rooms
  • How to view other participants in a meeting.

Is Any Extra Support Available?

(Source: getstencil)

Yes!

When you book your place you have the option to include a private consultation call with me, which will take place after the workshop.

As part of that call you’ll have the opportunity to ask me any further questions you may have about using the tool.

I recommend scheduling this call to take place at least a week after the workshop, you’ll have had some time to practise what you learned and can ask questions that relate directly to that experience.

Will It Be Recorded?

(Source: getstencil)

Yes!

While I would prefer you attend the live workshop and it would be great to meet and interact with you there, I understand that life happens.

So if it turns out that you are unable to do so, don’t worry. The session will be recorded and sent to everyone who enrols on the workshop.

How Can I Book My Place?

You can book your place on the workshop by clicking here and making a payment.

I Have More Questions About The Workshop. How Can I Ask Them?

(Source: getstencil)

You can contact me here.