The fallout from the government’s emergency measures to combat Covid-19 continues. Given the advent of a second wave of the virus, the ramifications of the financial measures to deal with the first wave seems like small beer. And it is.
An influential group of cross-party MPs has called for the government to replace the Bounce Back Loan Scheme (BBLS) as soon as possible after lenders shut the door on new applicants for the state-backed coronavirus funding.
All but one of the 28 banks eligible to lend money under the scheme have closed to new customers, despite the chancellor extending the deadline for BBL applications to 30 November.
Kevin Hollinrake, leader of the all-party parliamentary group for fair business banking, told City A.M. the group wanted a replacement scheme to be “rolled out really quickly”.
Hollinrake said the BBLS “should not end” as scheduled next month, and should instead be immediately replaced by “a new iteration of the scheme… that takes us through to the middle of next year”.
Labour shadow business secretary Ed Miliband said it was “deeply concerning” that businesses on the brink were “being squeezed out” of the scheme, and said that the government should ensure they could still access loans.”
Historical Performance And IFISA Process Guide
That figure is the result of over £20 million of loans facilitated on the site, as we bring individuals looking for a good return on capital together with carefully vetted small companies seeking funds for growth. Bear in mind that lenders’ capital is at risk. Read warnings on site before committing capital.
All loans on site are eligible to be held in a Money&Co. Innovative Finance Individual Savings Account (IFISA), up to the annual ISA limit of £20,000. Such loans offer lenders tax-free income. Our offering is an Innovative Finance ISA (IFISA) that can hold the peer-to-peer (P2P) business loans that Money&Co. facilitates. For the purposes of this article, the terms ISA and IFISA are interchangeable.
So here’s our guide to the process:
The ISA allowance for 2019/20 is unchanged from last tax year at £20,00