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Businesses on Tenterhooks

Business owners around the country are bound to be on tenterhooks this week.

Not only are we back in that scenario of uncertainty with the government changing guidance on what the new lockdown measures look like on an almost hourly basis, but we are also waiting to hear from Chancellor, Rishi Sunak, whether he will be extending the government-backed loans for businesses.

According to the Financial Times, Mr Sunak is looking to extend three schemes. These have already provided £53bn of support to British businesses as they are due to come to an end at the end of September. There are indications that the schemes may be extended for applications until the end of November with banks able to process loans until the end of the year. The fourth – the “bounce back” loan was due to close at the start of November.

Whatever the outcome, we are sure that the Chancellor’s main priority will be to protect the extremely fragile state of the economy and try to ensure that this winter isn’t as bleak as the outlook currently looks. However, with criticism mounting that the support for small business is evaporating too fast, we will have to wait and see a little longer.

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