Recent statistics published by HM Treasury confirm that £22bn of Bounce-Back Loans have been taken up by 700,000 small businesses across the UK. That is an average loan of approximately £31,000 per business.
As these loans are limited to 25% of business turnover, the average turnover of each business is £124,000.
On Friday afternoon, in the Government's daily news briefing, the Chancellor outlined how the Coronavirus Job Retention Scheme will operate moving forward to allow for employees to return to work part time. Following that announcement, self-employed workers got a boost when it was revealed that they will be able to get Government assistance for a further three months. The new details are outlined below.
The government's dormant assets scheme allows money in accounts that have been dormant for at least 15 years to be made available for certain qualifying charitable and community causes.
The Culture Secretary, Oliver Dowden has announced that £150 million from dormant bank and building society accounts is to be unlocked to help charities, social enterprises and vulnerable individuals during the Coronavirus outbreak.