Covid19 Business Impact
Covid19 Business Impact
00:00 - Okay. It is. Another week has passed and we all still here, you know, homes trying to either run our businesses or on further. So let's see where we are today. What has been announced this week is that there was a 50,000 pound grant loan, sorry, that is being offered to small businesses. And these small businesses will have these loans completely unsecured owl, which means the government will back 100% and then.
Will not have to provide any security themselves that won't be secured on their homes or anything. So for most business owners, this is not a bad deal at all. This is not a bad deal at all. And so if you are looking to claim, there's a couple of things you should know. First of all, if you've already applied and received a Siebel's loan, you know this is the bigger loans, then you can't claim this as well.
01:00 - If your business was unstable at December, 2019 then you can't claim it. Now what does unstable mean? On stable probably means, and there's no definition yet, her stable your, it probably means that your business was solvent, solvent, and trading. So if your business had stopped trading, then chances are you won't be able to claim.
If your business was undergoing a financial difficulty, he won't be able to claim. I suspect if your business was insolvent, which means that you couldn't afford to pay your debts as they fell Jew in December 19 you probably won't be able to claim. So if does enter and you are okay, you are solvent and your business is okay and reasonably running at an even keel.
02:00 - Then you could claim a 50,000 pound loan. Exactly how to play myth as usual. They haven't announced that yet, but it's a good deal. Let us not. Let's not pussyfoot around it is a good deal because the government is backing it. So now what happens if you don't pay it back? Well, the government will lose their money, right?
The taxpayers will lose the money. But if it means that it helps you stay around for a bit longer than maybe you should claim it. The other thing is that the fellow's been running. We've got a couple of applications through and the money has been received, which is really good news, so we're looking forward to more good news on that front.
We've got to apply every month, and so we're doing it for you. Just let us know. Every month we'll send you a reminder every month to see if you want us to claim. If you are doing it for yourself, then please just remember to play me every month. So that's it on that there's not much else of just recording a course on how to judge whether your business is the best it can be.
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