Jump to content

Corona Business Work Issues


Recommended Posts

Posted

'Furlough'

Had a heck of a day, not least trying to work out what 'furlough' actually means!

Apparently, if staff were sent home to reduce the risk of infection, or are even self-isolating, they are only entitled to statutory sick pay (If they are unable to work from home) Whereas if the work-load has been reduced due to the Corona-virus so you need to lay them off, that is when they are 'furlough', and you are entitled to claim back 80% of their wages.

I think there are going to be some frustrated / disappointed employers (and employees) who have done the right thing for the safety of their staff by sending them home to reduce the risk of infection, then finding out that they can't claim 80% of their wages back as that doesn't qualify as 'furlough'.

I have read up on it, and after speaking with my accountant, this is my conclusion - Anyone that does understand all this, please advise if I'm wrong here.

Thanks.

Len :thumbsup:

  • Up vote 3
soul source url
Social source share
  • Replies 66
  • Created
  • Last Reply

Top Posters In This Topic

Amount Of Reads

  •  Views 2.8k

Top Posters In This Topic

Popular Posts

Hi Guys, I hope everyone is doing ok ref businesses / jobs. I've just completed four month's on my own at work, my two staff having been furloughed.  Soon in to this situation I didn't have

Some people make fortunes in a crisis. Others lose everything. Its a bit like that bible story about the good harvests followed by a stinker. If you've got no nest egg, you could be screwed. 

I eagely checked my Business account on 30th April - Not one company paid me! (You gotta laugh ain't ya?)  Although one payment dripped in on 1st May.....On a positive note - I did a job a couple

Posted
7 hours ago, Len said:

'Furlough'

Had a heck of a day, not least trying to work out what 'furlough' actually means!

Apparently, if staff were sent home to reduce the risk of infection, or are even self-isolating, they are only entitled to statutory sick pay (If they are unable to work from home) Whereas if the work-load has been reduced due to the Corona-virus so you need to lay them off, that is when they are 'furlough', and you are entitled to claim back 80% of their wages.

I think there are going to be some frustrated / disappointed employers (and employees) who have done the right thing for the safety of their staff by sending them home to reduce the risk of infection, then finding out that they can't claim 80% of their wages back as that doesn't qualify as 'furlough'.

I have read up on it, and after speaking with my accountant, this is my conclusion - Anyone that does understand all this, please advise if I'm wrong here.

Thanks.

Len :thumbsup:

Thanks Len.  I have  self isolated because of the asthma but the company where I work is classed as a essential business ( don't know how ,apparently it's because they make plastic pellets that's used in the medical field.  !!! . ) but because I'm not actually sick I was led to believe that I couldn't claim sickness benefit . I will be looking into it 

  • Up vote 1
soul source url
Social source share
Posted
4 hours ago, Winsford Soul said:

Thanks Len.  I have  self isolated because of the asthma but the company where I work is classed as a essential business ( don't know how ,apparently it's because they make plastic pellets that's used in the medical field.  !!! . ) but because I'm not actually sick I was led to believe that I couldn't claim sickness benefit . I will be looking into it 

Hi Steve,

Even if you could claim sickness benefit, it's only £94.25 per week - I'm sure some (good) employers have sent their staff home on full pay for their own safety until further notice, under the impression that they can claim 80% of their wages back thinking their staff are now 'furlough'. 

And I would imagine some are using their tax and vat money to do as such, thinking it doesn't matter being as 80% of that money spent will be claimed back. 

Len :thumbsup:

  • Up vote 2
soul source url
Social source share
Posted
Just now, Len said:

Hi Steve,

Even if you could claim sickness benefit, it's only £94.25 per week - I'm sure some (good) employers have sent their staff home on full pay for their own safety until further notice, under the impression that they can claim 80% of their wages back thinking their staff are now 'furlough'. 

And I would imagine some are using their tax and vat money to as such, thinking it doesn't matter being as 80% of that money spent will be claimed back. 

Len :thumbsup:

Morning Len.  Trust all is well and safe mate.  I'm lucky enough to be able too take the financial hit. Regardless of if i get anything or not. But there must be countless others who in the same situation as me workwise who can't afford it . See you later on tonight my friend at virtual Bury 

  • Up vote 1
soul source url
Social source share
Posted
1 hour ago, Len said:

Hi Steve,

Even if you could claim sickness benefit, it's only £94.25 per week - I'm sure some (good) employers have sent their staff home on full pay for their own safety until further notice, under the impression that they can claim 80% of their wages back thinking their staff are now 'furlough'. 

And I would imagine some are using their tax and vat money to as such, thinking it doesn't matter being as 80% of that money spent will be claimed back. 

Len :thumbsup:

 

 

soul source url
Social source share
Posted
On 27/03/2020 at 09:34, Len said:

Although I sent both my staff home last Tuesday eve until further notice, I have been lucky to be able to get out of the house and come to work being as I am in my car on my own, and here at work on my own.  I need to be here ref an order for some NHS items that may well come in - If it does, my staff have both confirmed that they will come back even though they are getting paid regardless, which I thought was good (When your country needs you)

My wife (Nina) has been working from home for 12 days now, whilst juggling keeping the two kids happy (They do have Schoolwork to keep them a bit occupied) Nina and I have been going out for a 'jog walk' at 6.00am each morning, which does help her keep sane.

The weekend? I think we'll all do a bit of cleaning, and I recon I will (ok might) completely empty the loft and have a good sort out.

Whatever you do folks - Be careful! You do not want to be needing to go to the hospital right now, nor do the staff of course.

Len :thumbsup:

 

Same here, still working, harder than ever. Dunno if I'll get paid though! Depends on who's still around when this is all over (businesses I mean).

 

  • Up vote 1
soul source url
Social source share
Posted
10 hours ago, Len said:

'Furlough'

Had a heck of a day, not least trying to work out what 'furlough' actually means!

Apparently, if staff were sent home to reduce the risk of infection, or are even self-isolating, they are only entitled to statutory sick pay (If they are unable to work from home) Whereas if the work-load has been reduced due to the Corona-virus so you need to lay them off, that is when they are 'furlough', and you are entitled to claim back 80% of their wages.

I think there are going to be some frustrated / disappointed employers (and employees) who have done the right thing for the safety of their staff by sending them home to reduce the risk of infection, then finding out that they can't claim 80% of their wages back as that doesn't qualify as 'furlough'.

I have read up on it, and after speaking with my accountant, this is my conclusion - Anyone that does understand all this, please advise if I'm wrong here.

Thanks.

Len :thumbsup:

I read this exactly the same way. I think you and I are in the same boat on this too. I mean it's fine if, say, you had a pub and obviously there's no work for people to do they'll automatically be furloughed and as soon as the pubs re-open business will be back to normal almost straightaway. Whereas with my business there's total uncertainty - work has stopped but only because I can't physically go out and do it. It may return but it may not - some work for other businesses depends on them still being there and still having any money themselves, I reckon a lot of them will defer big spending until 2021 now. So I could (have) sent staff home hoping I can access this money in June but if I can't I may yet have to make them redundant and/or cover the cost of paying them to do nothing which I have no idea where the money will come from.

soul source url
Social source share
Posted
56 minutes ago, Soulfulmerlin said:

 

 

Yes this is the confusing thing ref 'furlough' - Do not go to work unless absolutely essential.  I understand that bit, but doing so doesn't qualify you to be 'furlough' ref a company claiming 80% of your wages back.  You have to take the hit / maybe claim statutory sick pay (of £94.25 a week) unless the company you work for has sent you home due to lack of work because of the Corona-virus.

Or so I understand it anyway.

Len :thumbsup:

  • Up vote 1
soul source url
Social source share
Posted
1 hour ago, Timillustrator said:

Same here, still working, harder than ever. Dunno if I'll get paid though! Depends on who's still around when this is all over (businesses I mean).

I hope this isn't the first of many, but on Thursday I got an email from one of my customers stating....."Due to the current situation with the Corona-virus, we will be holding off all payments until we know more blah blah blah".......

I can see that end of April's payments may be a bit 'shaky', and hope that everyone communicates about it, but the moneys due at the end of this month is for (in some cases) January, and February's work - We at least need that money to move!

Hey ho, it was only nearly £6,000.00 :huh:

Len :thumbsup:

  • Up vote 1
soul source url
Social source share
Posted
1 hour ago, Timillustrator said:

I read this exactly the same way. I think you and I are in the same boat on this too. I mean it's fine if, say, you had a pub and obviously there's no work for people to do they'll automatically be furloughed and as soon as the pubs re-open business will be back to normal almost straightaway. Whereas with my business there's total uncertainty - work has stopped but only because I can't physically go out and do it. It may return but it may not - some work for other businesses depends on them still being there and still having any money themselves, I reckon a lot of them will defer big spending until 2021 now. So I could (have) sent staff home hoping I can access this money in June but if I can't I may yet have to make them redundant and/or cover the cost of paying them to do nothing which I have no idea where the money will come from.

If your work has somewhat dried up, there only being enough for only you to earn as much as you can towards your overheads, they are then 'furlough' (Not enough work for them)  Yes, this is much clearer ref pubs and restaurants etc, as their work obviously suddenly stopped.

You need to send your staff a letter stating such - I will PM you templates of a couple of options that I am looking at.

Len :thumbsup:

 

  • Up vote 1
soul source url
Social source share
Posted
13 minutes ago, Len said:

I hope this isn't the first of many, but on Thursday I got an email from one of my customers stating....."Due the the current situation with the Corona-virus, we will be holding off all payments until we know more blah blah blah".......

I can see that end of April's payments may be a bit 'shaky', and hope that everyone communicates about it, but the moneys due at the end of this month is for (in some cases) January, and February's work - We at least need that money to move!

Hey ho, it was only nearly £6,000.00 :huh:

Len :thumbsup:

Oh no! Hopefully a one off. On the one hand I can sympathise with them - with all the uncertainty everyone will want to hang onto cash for as long as they can, because they might need it to pay wages or even buy food! On the other hand if everyone in the country did this then the economy will crash within a few weeks.

  • Up vote 1
soul source url
Social source share
Posted
2 minutes ago, Timillustrator said:

Oh no! Hopefully a one off. On the one hand I can sympathise with them - with all the uncertainty everyone will want to hang onto cash for as long as they can, because they might need it to pay wages or even buy food! On the other hand if everyone in the country did this then the economy will crash within a few weeks.

Exactly - I have set up all my BACS payments to my suppliers to leave my account on 31st March, and I will still be letting that happen - I can not justify holding on to other people's money.  Sometimes general cash flow causes me to stretch payment terms a little, but I always communicate and they know the money will get to them in the end.

This is different - If people hold off paying suppliers already, things are going to go badly wrong for companies very fast (I blame accountants of the larger firms further up the chain)

Suffice to say, I am dreading looking at my business bank account on Tuesday (31st March) It should show all my bills have left my account (which it will) But it should also show most of my end of month due payments in.....

Sorry folks, I seem to be going on a bit - I guess there are lots of others that this situation relates to :wink:

Len :thumbsup: 

  • Up vote 1
soul source url
Social source share
Posted (edited)

Seems a minefield ? If your company shuts shop to protect their employees health they cannot access the 80% wage is that what is been said ?

What do they do then the employee ? They are not sick so cannot access sickpay and not unemployed because they are still on their employers books  what do they do then ?

Correct me if I have got the wrong end of the stick , seems to me if we do not get sick with the virus we will end up mentally Ill with stress.

 

 

Edited by Shinehead
  • Up vote 2
soul source url
Social source share
Posted
15 minutes ago, Shinehead said:

Seems a minefield ? If your company shuts shop to protect their employees health they cannot access the 80% wage is that what is been said ?

What do they do then the employee ? They are not sick so cannot access sickpay and not unemployed because they are still on their employers books  what do they do then ?

Correct me if I have got the wrong end of the stick , seems to me if we do not get sick with the virus we will end up mentally I'll with stress .

 

The problem is it's unclear - Len and my reading of it is, yes you may not be able to. In any case you definitely can't access the money until the end of April by which time you may have already have laid off your workers for 6 weeks or more only to find there's no money to pay them. Too right on the stress - I was in utter despair last week but what can you do about it - Nothing.

  • Up vote 1
soul source url
Social source share
Posted
2 minutes ago, Timillustrator said:

The problem is it's unclear - Len and my reading of it is, yes you may not be able to. In any case you definitely can't access the money until the end of April by which time you may have already have laid off your workers for 6 weeks or more only to find there's no money to pay them. Too right on the stress - I was in utter despair last week but what can you do about it - Nothing.

I feel for you and Len and anyone in your situation.

My daughters work place has just shut to protect their  health ? they supply car parts to garages etc, she is under the impression from her employer that she will get 80% of pay , her employer has told the work force they are applying to the scheme.

But who knows , this could all end badly with people thinking they are doing  the  right  thing and then getting shafted.

Thank f**k I am retired but it seems my savings will take a hit helping my family out .

 

  • Up vote 3
soul source url
Social source share
Posted
2 hours ago, Shinehead said:

Seems a minefield ? If your company shuts shop to protect their employees health they cannot access the 80% wage is that what is been said ?

What do they do then the employee ? They are not sick so cannot access sickpay and not unemployed because they are still on their employers books  what do they do then ?

Correct me if I have got the wrong end of the stick , seems to me if we do not get sick with the virus we will end up mentally Ill with stress.

Yup, that's what is being said here - If a company runs out of work because of the virus, they can furlough staff and claim back 80% of their wages / If a company sends people home to protect their health, they can't claim anything.

Most companies will need to use vat and tax money to finance paying their staff, which is fine if the 80% is claimed.....I fear that some companies will do just that, use up all their vat and tax money on wages confident in the knowledge that they did the right thing by their staff, only to be told they can't claim the 80% back.

I know someone who sent his staff home on 80% pay, but made them sign a contract stating that if he can't claim that 80% they will have to pay him back.  That seems mean I know, and when I heard about it I thought jeeeze that kind of thing should be the last thing on his mind. But he knows he will go bust if he can't claim. Getting the wages back from staff would be near on impossible though (they won't have it) and I doubt the contract would be legally binding anyway.

"What do they do then the employee?".........The employee should either be sent home and still get paid. Or laid off, in which case they can access sick pay.........Or there's always........"Get a job at a supermarket"........So Tim Martin of Wetherspoons told his staff after paying some only up to their last shift before letting them go.  Maybe he knows something we don't - Or is doubtful that this 80% promise can actually be achieved.

Len :thumbsup:

 

soul source url
Social source share
Posted
24 minutes ago, Len said:

Yup, that's what is being said here - If a company runs out of work because of the virus, they can furlough staff and claim back 80% of their wages / If a company sends people home to protect their health, they can't claim anything.

Most companies will need to use vat and tax money to finance paying their staff, which is fine if the 80% is claimed.....I fear that some companies will do just that, use up all their vat and tax money on wages confident in the knowledge that they did the right thing by their staff, only to be told they can't claim the 80% back.

I know someone who sent his staff home on 80% pay, but made them sign a contract stating that if he can't claim that 80% they will have to pay him back.  That seems mean I know, and when I heard about it I thought jeeeze that kind of thing should be the last thing on his mind. But he knows he will go bust if he can't claim. Getting the wages back from staff would be near on impossible though (they won't have it) and I doubt the contract would be legally binding anyway.

"What do they do then the employee?".........The employee should either be sent home and still get paid. Or laid off, in which case they can access sick pay.........Or there's always........"Get a job at a supermarket"........So Tim Martin of Wetherspoons told his staff after paying some only up to their last shift before letting them go.  Maybe he knows something we don't - Or is doubtful that this 80% promise can actually be achieved.

Len :thumbsup:

 

So a company that tries to do right by its workers  to keep them and the customers their staff come  into contact with safe is going  to come a cropper. 

These schemes have been done across party and with the cooperation of the unions , there is gonna be a lot of fuc*led off people when they find there is nothing to come in the way of 80% pay.

So the firms in question would have been better off keeping trading till their custom dropped off and was uneconomical to carry on but by which time their workers could be Ill or dead with the virus and also infected loads of customers .

I can see riots on the street when all this comes to an end , people who had good lives, destitute , homeless , and very fuc*ing angry after thinking the government  was doing the right thing by them.

  • Up vote 2
soul source url
Social source share
Posted

"This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise known as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant."

"To be eligible for the subsidy, when on furlough, an employee can not undertake work for or on behalf of the organisation. This includes providing services or generating revenue. While on furlough, the employee’s wage will be subject to usual income tax and other deductions."

"Employers should discuss with their staff and make any changes to the employment contract by agreement. Employers may need to seek legal advice on the process"

Extracts from HMRC website which may help. There will be questions relating to certain circumstances that won't necessarily be covered by the published advise and it will be assumed that broader information will be available to cover any such circumstances.

My question right now would be - "How do I prove that I have furloughed an employee?"

  • Up vote 2
soul source url
Social source share
Posted

Thanks for that info - I was convinced that if a company send their staff home for their well-being ref the virus they would be covered. In fact I argued this with my accountant! But it still could be that it is only for those employees that have been asked to stop working because of lack of work (rather than 'only' for their well-being)

My, as lots of others first thought was my staff's well-being, but what has happened has come hand in hand with a dramatic drop in orders, leaving only enough work for one person (me) If that.  People just need to be careful of how they claim furlough - It seems that lack of work due to the virus is what is needed, although I like to think those who have done right by their staff even if they have some work can also qualify.

The more I think about Tim Martin simply laying off his staff, the more I think he is doubtful that it is possible for the government to afford to pay all those people - The government are not only paying out an eye watering amount of money, they are also losing loads of income at the same time.

Len :thumbsup:

soul source url
Social source share
Posted
1 hour ago, Jaco said:

"This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise known as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant."

"To be eligible for the subsidy, when on furlough, an employee can not undertake work for or on behalf of the organisation. This includes providing services or generating revenue. While on furlough, the employee’s wage will be subject to usual income tax and other deductions."

"Employers should discuss with their staff and make any changes to the employment contract by agreement. Employers may need to seek legal advice on the process"

Extracts from HMRC website which may help. There will be questions relating to certain circumstances that won't necessarily be covered by the published advise and it will be assumed that broader information will be available to cover any such circumstances.

My question right now would be - "How do I prove that I have furloughed an employee?"

I am "working from home" until 31st March. Thereafter I have been advised by my company that I shall be furloughed and expect to receive 80% of salary at end of April. 

Had I have been sick or self isolating then I would only have received SSP for the period of sick absence. Staff will not get 80% of salary for self isolating. 

This is one of a number of fiscal policies being underwritten by the government that will take years to pay off but is totally necessary to prevent the spread of this disease and save lives. 

  • Up vote 2
soul source url
Social source share
Posted

That,s me signing on the sick then on Monday. Even though i,m not sick just self isolating for three months because of the Asthma. Its a strange set up.

You would have thought with the amount of people doing the same think as myself that there would be provision for this.

soul source url
Social source share
Posted
8 minutes ago, Winsford Soul said:

That,s me signing on the sick then on Monday. Even though i,m not sick just self isolating for three months because of the Asthma. Its a strange set up.

You would have thought with the amount of people doing the same think as myself that there would be provision for this.

Why are you signing on Steve? If there is no work for you, your employer can furlough you. If they pay you 80% and recover 80%, its a neutral cost for the employer.

soul source url
Social source share
Posted
20 minutes ago, Jaco said:

Why are you signing on Steve? If there is no work for you, your employer can furlough you. If they pay you 80% and recover 80%, its a neutral cost for the employer.

No mate. There is work for me. It's a company that is deemed to have protected status, suppliers of plastics to the medical industries it's me that's self isolated because of the asthma.  

soul source url
Social source share
Posted
17 minutes ago, Winsford Soul said:

No mate. There is work for me. It's a company that is deemed to have protected status, suppliers of plastics to the medical industries it's me that's self isolated because of the asthma.  

Then keep safe, pal. I can work from home but I'm considered to be in the vulnerable group so a non-brainer from me to stay inside.

  • Up vote 1
soul source url
Social source share
Posted

The application process to get the money back for the furloughed workers is not published yet or the terms and conditions of eligibility or proof required.

As others have said, some companies wont get it back who already paid it out and will go bankrupt.

This lack of clarity will also lead to companies simply laying off workers because they dont know if they will get paid back.

It's simply a mess.

Just like the self employed farce.

Never trust a Tory...

Ed

  • Up vote 2
soul source url
Social source share
Posted

Without getting in to the politics side - It is a mess, but this is just massive and there has been hardly any time to prepare.  Everyone is doing their  best, ramping up supplies to the medical profession, sorting more testing, then the economy (In that order)

We will re-build somehow.

Len :thumbsup: 

  • Up vote 2
soul source url
Social source share
Posted

Having tried 54 weeks with no income in 1984/85 due to the miners strike, I can tell you all that's it's tough going. This only effected about 80,000 miners who stuck it out to the death.

Now Millions are just entering this phase where no money or not enough money is coming in to pay the Bill's and food etc.

Anarchy will happen if practical solutions are not found.

Its kicking off in Southern Italy right now.

Scary times indeed.

Ed

 

  • Up vote 1
soul source url
Social source share
Posted (edited)

Well if it is six months before things return to normal as the Government deputy chief medical officer said today then that's a LOT of UK businesses that are going under. Not being overly fatalistic but there's no way I could keep going that long. All the talk of furlough, grants, loans, support etc. would just be putting off the inevitable, if it does turn out to be that long then I would certainly be much better off by shutting up shop now and saving what money I can. No point getting into debt with loans because in 6 months time I'd have no clue how the work situation would stand.

Edited by Timillustrator
  • Up vote 3
soul source url
Social source share
Posted

I feel for you Tim - I've just finished yet again trying to get my head around all this / writing emails to myself to have another think tomorrow before sending them :huh:

I know that saying things like......"Think positive Tim!".....just doesn't cut it.  All I will say though, is that we just have to hang tight at the moment, and see how it unfolds (For a while at least)  No one knows how it will, yours and many other businesses may just pull through, albeit somewhat 'bruised' :wink:

The thought of three months locked down is bad enough, and if it goes to six months, that is even more daunting.  And I'm talking about just us as people / making sure our families cope, along with everyone's personal money worries.  Let alone also having a business with staff relying on you to add to that worry.

At the moment it is natural to fear the worst.

Len :thumbsup:

 

  • Up vote 1
soul source url
Social source share
  • 1 month later...
Posted

Well I think the furlough money is on the way, hopefully this week but up until now employers, even if they are furloughing workers, have had to pay them still. Not easy if, like me, your last confirmed job was about 3 months ago and there's absolutely no prospect of any more work coming through for several months at least. 

Still at least something has come off but I think they are going to have to extend this furlough scheme to at least September, if not December, if they don't want thousands and thousands of small businesses to fold in the meantime waiting for things to pick up.

  • Up vote 1
soul source url
Social source share
Posted
On 28/03/2020 at 13:16, Len said:

Exactly - I have set up all my BACS payments to my suppliers to leave my account on 31st March, and I will still be letting that happen - I can not justify holding on to other people's money.  Sometimes general cash flow causes me to stretch payment terms a little, but I always communicate and they know the money will get to them in the end.

This is different - If people hold off paying suppliers already, things are going to go badly wrong for companies very fast (I blame accountants of the larger firms further up the chain)

Suffice to say, I am dreading looking at my business bank account on Tuesday (31st March) It should show all my bills have left my account (which it will) But it should also show most of my end of month due payments in.....

Sorry folks, I seem to be going on a bit - I guess there are lots of others that this situation relates to :wink:

Len :thumbsup: 

Like you  we have paid our suppliers even though it’ll nearly clean us out but there is a strong principle here and that is that the supplier has the good faith in you to take his goods on account and puts trust in us to pay them , I’d do without rather than not pay them , good for you len . We ,the user of the goods, cannot let the suppliers down because people have let us down ( understandable if you’re absolutely brassic ) but some shysters will use any excuse but will still be riding around in a big Range Rover or something   sitting on funds that they just can’t bear to see reducing before their very eyes . We will probably have to dip into some personal reserves but hey what the heck that’s life and the alternative is not the better option , I can do without a holiday or changing my car no bother . 

  • Up vote 4
soul source url
Social source share
Posted

I eagely checked my Business account on 30th April - Not one company paid me! (You gotta laugh ain't ya?) :huh:

Although one payment dripped in on 1st May.....On a positive note - I did a job a couple of day's ago, and because of the situation I am invoicing as I finish jobs, rather than waiting until the end of the month.  Anyway, the very next day I got a lovely email from said company saying that they have paid the invoice, and that they hoped doing so helps 'keep the wolf from the door'

We will remember those that work together through this!

Not sure if this is going to be like the various stages of grieving, but it was pretty lonely at work on me tod today - I have about two day's work on the books, just for me that is.  It's getting hard to motivate myself to crack on when there's not much going on - I look forward to when I can moan about being too busy once again :wink:

Len :thumbsup:

 

  • Up vote 4
soul source url
Social source share
Posted (edited)

The scariest thing to happen this week is that Warren Buffet has just took a $6,000,000,000 loss on his investment companies investment in USA airline companies by selling all their shares.

Because he could not see the share price stabilising or recovering any time soon.

Fatalist?

Planes cant operate on 15% passengers and make a profit.

When Warren sells....everybody sells.

It's the reverse of what he did with Bank of America shares. He bought ( at a discount) and everybody else bought..

Its inevitable a depression is coming.

Those poor capitalists who are funding life on tomorrow's earnings (credit) will fall first.

If you've got a nest egg......hold it tight.

Ed

 

 

Edited by Tomangoes
Spello
  • Up vote 1
soul source url
Social source share
Posted (edited)
3 hours ago, Len said:

I eagely checked my Business account on 30th April - Not one company paid me! (You gotta laugh ain't ya?) :huh:

Although one payment dripped in on 1st May.....On a positive note - I did a job a couple of day's ago, and because of the situation I am invoicing as I finish jobs, rather than waiting until the end of the month.  Anyway, the very next day I got a lovely email from said company saying that they have paid the invoice, and that they hoped doing so helps 'keep the wolf from the door'

We will remember those that work together through this!

Not sure if this is going to be like the various stages of grieving, but it was pretty lonely at work on me tod today - I have about two day's work on the books, just for me that is.  It's getting hard to motivate myself to crack on when there's not much going on - I look forward to when I can moan about being too busy once again :wink:

Len :thumbsup:

 

Me too, the wife comes in every now and again to bring me lunch but it's hard to keep going on your own with total uncertainty about the future and not a fat lot to look forward to in any other part of your life!

I also had someone pay me the same day and ring me to tell me they'd made the transfer, which is marvellous. 

The only positive is I spend all day listening to music, caught up with loads of stuff I had never got around to listening to in the past. Exploring Spotify for all genres too.

 

Edited by Timillustrator
  • Up vote 1
soul source url
Social source share
Posted

It's a bit like a monopoly game right now. Slowly but surely the masses are running out of money.

But according to the economist James Henry ....98,000 of the richest people in the world ' control' $ 21,000,000,000,000 (21 $trillion) 

Each of them has $214 million.

You can see the more you've got, the longer you can stay in the game.

Then as we bottom out, these fortunate few can buy up the cut price assets of the ones who went bust along the way.

Even though I'm not one of those 98,000....I'm not knocking the system, just acknowledging how boom and bust plays out.

Only a small percentage of the world are debt free.

You know what comes next.

Cant pay? We take it away.

Ed

 

 

 

 

  • Up vote 1
soul source url
Social source share
Posted

The furlough scheme is brilliant, but pubs & resturants will need it for at least 6 months, plus they will have accumilated rent arrears by then - This will take 100 years to pay off (Presuming we don't have another pandemic in that time)

When things get going again, they could add in a 'Coronavirus Tax' to help pay it off.  Maybe adding another 5% to Corporation Tax, and anyone earning over say £40,000.00 per year.

What awaits us is worrying, but everything might bounce back fast once it 'goes'

Len :thumbsup:

 

  • Up vote 1
soul source url
Social source share
Posted

Ha ha.

A redistribution of wealth, introduced by a tory government.

Jezza must be laughing his cock off.

More like survival of the richest....the big boys will eat up the little boys.

Monopolies will rule.

And the working class will do as they are told...

But hey, we shall witness very soon what happens if this curse Carrys on into another lockdown quarter.

Ed

  • Up vote 2
soul source url
Social source share
Posted (edited)

I can't be sure of the figures but I read that the furlough scheme is costing something like £8bn a month which is about the same as the cost of the NHS. I also saw somewhere that the UK's income from overseas students is about £7bn per year. Gives you an idea of the cost of all this. 

I think I'll need the furlough scheme for at least 6 months because I can't see work returning before then, I wonder, though, if they'll introduce some eligibility criteria? Otherwise a load of people could just use it to have 3 months extra paid leave in the summer. Not that they can go anywhere much though.

Edited by Timillustrator
soul source url
Social source share
Posted

If you want to know where this can end up, and it's very scary....keep printing money and buying up riskier and riskier assets.

The currency is devalued and the failure rates of loan repayments increase.

Then comes hyper inflation.

Then the worst survival traits from humans comes out.

Jews and white farm owners spring to mind.

It could get real ugly.

Ed

  • Up vote 1
soul source url
Social source share
  • 2 months later...
Posted

Hi Guys,

I hope everyone is doing ok ref businesses / jobs.

I've just completed four month's on my own at work, my two staff having been furloughed.  Soon in to this situation I didn't have enough work for three of us, but too much for one (me) so I have been working my socks off just to stand still. But at least my doors are still open.

I'm feeling a bit more confident than I did when this all started - I am having 6 month's mortgage break from my home mortgage, as well as my factory unit mortgage, I borrowed money through the government backed bounce back loan scheme (I applied on a Tuesday afternoon / the money was in my bank the Wednesday morning!) That along with the furlough scheme to pay my staff seems to have got me through.

I now have some work built up for my staff to start again on Monday, so am looking forward to that.  I just hope the work keeps trickling in.

How are things with yous?

Len :thumbsup:

  • Up vote 7
soul source url
Social source share
Posted

Glad things are better for you Len, especially financially as it has been a worrying time. I had the wretched virus for 3 months as I've been asthmatic since young as well as being in one of the vulnerable ethnic groups. Had to resign at work as due to my severe coughing and bad chest -the office planners did not want to work with me. Chest and breathing was bad with a kind of water in my lungs feeling when coughing, had fever and headaches which I never normally get-my sense of smell disappeared and had stomach problems, as well as losing my voice. This was only Feb 20th when knowledge about the different effects of the virus  on various cohorts of the population and mandatatory mask wearing was then a long way away. Signed on for Universal Credit, I had lost my appetite for food by then so lived on home cooked stuff but one meal a day. Went for 3 tests at GP/Hospital but told it was a virus rather than Covid 19. I remember arranging a trip to Doncaster 30 miles away to do the test for Covid but the GP on Gov.Uk advised me to forget it as the Army were doing them and they were only 75% reliable. Eventually told by my local GP that I did get Coronavirus but this was probably in late April queuing outside Tescos. Attempted to go back to work, spending one day at Amazon in the warehouse in early June, having to wear the mask for 8 hours solid -deep in sweat-but my strength had gone and I could not manage the heavy lifting. Had a weeks break then did a days work for DPD Couriers delivering parcels in Rotherham when we had the really hot weather but broke down around 6pm with sheer fatigue. Took another 2 weeks off then my old employer agreed to take me back 3 days a week. Its been a slow recovery and I'm on stronger steroid inhalers which have seemed to be a significant improvement. My voice is still croaky 5 months on but feeling better and stronger physically. I must say I was stunned recently when Maggie Mays Bar in Sheffield announced a return to the Saturday Soul afternoons although with social distancing- but I don't think many people will want to take a chance going out-you only need one super spreader in a mass gathering to trigger a spike in this thing all over again and the the age of the crowd involved in following soul music tend to be in a vulnerable group anyway. I spent last weekend in Cambridge visiting brother-the city centre pubs were a quarter full on a sunny Saturday afternoon with one way systems in place and ordering by Greene King app putting your details in-certainly different but with a subdued atmosphere. So I don't know if there will ever be a return to "normality" in terms of going out.

All the best.

  • Up vote 2
soul source url
Social source share
Posted

Sorry to hear you got the virus, but glad you're getting through the other side of it - Your post is a reminder that this thing is real, and needs to be taken seriously by everyone, not just for themselves, but for others.

We went to Castle Ashby tea rooms on Saturday, and it was the same as you mention - One way system, and a subdued atmosphere all around. Although this virus may rise again, I'm hoping it will then dissapear, but yes, it's going to be a long haul.

The best of luck to you ref health, and earning a living.

Len :thumbsup:

  • Up vote 1
soul source url
Social source share
Posted

It obvious now that the only hope of returning to any kind a non social distancing normality is if an anti virus for all the strains of covid 19 can be developed.

The wish it away approach has failed.

There is not much money left to pay for a second wave, so let's hope the jab comes quickly.

Ed

 

  • Up vote 1
soul source url
Social source share
Posted

Glad to hear things are picking up for you Len, similarly (and thanks for your help!) I furloughed the one full time and two part time staff and carried on working myself - doing about 10 hours a day 7 days a week because there was f**k all else to do really. Not got back to financial normality but had a chance to reconsider everything which I would not have done otherwise. No idea what will happen in the next few months or years but the initial sense of despair has gone anyway.

 

 

  • Up vote 2
soul source url
Social source share
Posted

We were fortunate as we managed to keep all our staff going throughout on full pay. 

Wife has worked flat out too, but had to take a pay cut regardless from May - Aug to 80%, then increases to 85%.

Not complaining though, as feel incredibly fortunate compared to many. 

Only real downside, is that as it's been so busy and more difficult than usual, we could really do with a holiday now as we are knackered. 

However UK holiday prices have gone mad! We had to cancel one in Cornwall for April due to lockdown and its more than double the price now for late Sept / early Oct. 

Not sure about flying at the moment either. 

soul source url
Social source share
Posted

Yes a holiday is needed - We're off to Whitby next week.  We have booked some restaurants as they are limited capacity, and although we missed out on our trip to America due to this virus, I'm hoping taking the kids away will bring a bit of normality (Although I know we still need to be careful there)

Len :thumbsup:

soul source url
Social source share
  • 1 month later...
Posted

Hi Guys,

How are things currently going for you out there?

I had an ok August with my two staff back from being furloughed, but right now I have next to no orders, and very few inquires (although I'm sure bits and pieces will come in) Lots of my customers have gone quiet though.  I thought this may well happen anyway, guessing that the impact of the lock-down would take until now to really start to take effect (in my sector anyway)

I'm not worried just yet, instead I am using this time constructively by painting the factory walls white, and the floor French Blue (At least it will look nice for the receivers) :D

I hope things are ok elsewhere.

Len :thumbsup:

  • Up vote 1
soul source url
Social source share
Posted
1 minute ago, Len said:

but right now I have next to no orders, and very few inquires (although I'm sure bits and pieces will come in) Lots of my customers have gone quiet though.  I thought this may well happen anyway, guessing that the impact of the lock-down would take until now to really start to take effect (in my sector anyway)

Pretty much the same here, a few enquiries over the last few weeks but probably down by about 66% on the year. Some areas of work more likely to return than others, some will never. Can't see most of our clients committing to anything much until next year really. I know if I was in their position I wouldn't!

  • Up vote 1
soul source url
Social source share
Posted

Same here Len but by choice,  going away to Pembrokeshire in 2 weeks for a much needed 3 week break. On my return I will start looking for a new job   had plenty of phone calls and emails from agencies regarding work but I've told them all that it wasn't worth it for the last 6 weeks because I was having such a long holiday but they're welcome to get back in touch from mid October,  2 in particular are very keen,  they want me to phone them just before I go away so as there will be interviews for me on returning.  

  • Up vote 1
soul source url
Social source share
Posted

A strange time for us all - Whoever can ride this will be better than ever I recon, but need to get through it first.

Best of luck :wink:

Len :thumbsup:

  • Up vote 3
soul source url
Social source share

Get involved with Soul Source

Add your comments/views now

Join Soul Source

A free & easy soul music affair!

Join Soul Source now!

Log in to Soul Source

Jump right back in!

Log back in to Soul Source now!
  1. Alan Pearson - Work Work Work - Mutt
    Record Sales by soulgirl85 on Fri 12 Sep 2014
    • 1 / 880
    • soulgirl85 on 12 Sep 2014
  2. Alan Pearson - Work,work,work - Mutt
    Record Sales by soulgirl85 on Sat 30 Jun 2012
    • 2 / 1824
    • soulgirl85 on 01 Jul 2012
  3. Business Is Business But
    All About The Soul by billywhizz on Thu 06 Jan 2005
    • 19 / 1477
    • Chris Waterman on 06 Jan 2005
  4. Swinton Palais All-nighter Corona Virus Date Change
    All About The Soul by Brent on Mon 09 Mar 2020
    • 2 / 465
    • Brent on 09 Mar 2020
  5. Corona Virus Uk Lockdowns
    Freebasing by Mike on Wed 16 Sep 2020
    • 11 / 524
    • Baz Atkinson on 17 Sep 2020

Related Soul Music Links


  • Recently Browsing   0 members

    No registered users viewing this page.




×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.