Small Business Struggles in Lockdown

April 14, 2020

@peter_IFAMAG reads Twitter so you don’t have to.

The Coronavirus lockdown has been a trying time for small businesses. The infastructure behind government relief is said to be lacking. Overwhelmed by the crisis the HMRC has suspended all enquiries into taxpayers and businesses under investigation.

HMRC pauses investigations due to capacity issues https://t.co/82RpFm9Ebz

— James Tarry (@Npton_Adviser) April 14, 2020

@claerB has promoted a small business clinic for those who need questions answered. This is a helpful resource for those business owners struggling to find answers with their questions being relayed to government officials.

Getting some great questions from FT readers for our Small Business Clinic – live from 12 noon. My special guest today is @AndyIPSE from @teamIPSE we will be talking about CBILS (state-backed bank loans) and #forgottenfreelancers https://t.co/8GaQnkLLaO

— Claer Barrett (@ClaerB) April 14, 2020

These Tweets have been made today as the The Guardian highlights that a meagre 1.4% of relief applicants are successful.

Just 1.4% applicants for UK coronavirus business loan were successful https://t.co/wvkO2Ttnbw

— The Guardian (@guardian) April 12, 2020

Business Insider published 7 ways that the UK tech industry may evert disaster.

Startups are begging the UK government for a lifeline amid #COVID19. Experts told us 7 ways to save the British tech scene from collapse https://t.co/SXM15lOyob

— Business Insider (@BusinessInsider) April 14, 2020

The Office for Budget Responsibility has released a worrying outlook for the UK economy. This projection suggests, in terms of growth and borrowing, the UK willl be worse off than after 2008 financial crash.

OBR lays out a scenario with its expected economic damage

Output currently 35% down, it estiamtes
And borrowing likely to rise to 14% of GDP – far worse than finanical crisis pic.twitter.com/34Z9gIug6X

— Chris Giles (@ChrisGiles_) April 14, 2020

Considering the news from today debates are being held around reopening the economy. This response from @SimonNeville is part of an interesting conversation started by @hwallop.

https://twitter.com/SimonNeville/status/1249969776895631360

Let us know what your thoughts are on these tweets.

Tweet your responses to @peter_IFAMAG