LevelMagazine – CA – Applications for UK government backed loan will increase

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She failed to win the Olympics, didn’t go to college – but became CEO of a large global company

Demand for government-backed loans from UK businesses will increase as funds continue to run out and cash flow dries up, according to new research.

According to UK corporate finance lender Market Finance, businesses across the country now have only 3. 150 GBP (4th. $ 192) of their bounce-back loan (out of a total of 50. 000 GBP). . It is estimated that this amount will reach businesses by the end of this week.

The findings also showed that around 84% of companies will apply for larger loans for the Coronavirus Business Interruption Loan Scheme (CBILS). Only 27% of the small businesses surveyed say they are certain they can survive until 2021. This was based on their current cash balance and expected sales to decline over the winter months.

Others have admitted they received an injection of 50. Will need £ 000 to get through by the end of the year.

The research results are based on a survey among 5. 000 UK companies that employ employers with a minimum turnover of 250. 000 GBP, which was carried out in November 2020 (after the second lock was announced). .

Since the new lockdown was announced, 84% of companies said they were applying for CBILS loans. They said this was used to protect them from prolonged lockdowns and pending further bills, taxes, or duties to be paid.

Additionally, more companies know that they can refinance their bounce-back loan with a CBILS loan – from 68% two months ago to 83% today.

Anil Stocker, MarketFinance’s chief executive officer, said: « The stop-start government bans announcements have not helped UK businesses. However, they continue to struggle and of course they will need more money to support them during a difficult winter period.

“With a view to the future, it will ultimately be the private sector that will enable the Chancellor to regain control of the country’s finances. Hence, business leaders will look for growth-enhancing and business-friendly stimulus measures in the period ahead. ”


The research also found that a fifth of small businesses are now waiting more than three months to pay, MarketFinance said, and 27. £ 000 pending work done prior to initial lockdown.

Two in five companies (42%) are still waiting to get paid for the work that has been completed since the initial lockdown. In June 2020 they waited an average of 148. 917 pounds sterling, as of September 33. The equivalent of 906 pounds sterling.

Companies in Wales and in the leisure, marketing and telecommunications sectors were hardest hit in terms of longer waiting times.

Stocker added, “We are experiencing a cash vacuum in the economy. Companies wait longer to be paid and withhold payments. They are in dire need of government funding and support. A well-oiled engine will keep the economy going and keep small businesses alive. ”

Last week, Chancellor Rishi Sunak described the beginning of the UK’s economic emergency in the Spending Review to the Commons.

He said the Office of Budgetary Responsibility (OBR) didn’t expect the economy to return to pre-crisis levels by the end of 2022 and the damage likely to continue.

An estimated 1. According to the Chancellor at the time, 3 million public sector employees will freeze their wages between 2021 and 2022 as unemployment is expected to reach 7. 5% next spring, with 2. 6 million people are unemployed.

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Finance, Finance, Government Backed Loan, Accounting, Winter, Market Finance, Government

LevelMagazine – CA – Applications for Government Funded Loans in the UK are set to rise

Ref: https://uk.finance.yahoo.com

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