New business ‘support finder’ tool to help companies find out what support they are eligible for
A newly launched business ‘support finder’ tool from the government is aiming to help businesses across the UK quickly determine what specific financial support is available to them throughout the pandemic.
Since the COVID-19 outbreak and subsequent lockdown to curb the spread, the government has rapidly introduced a raft of measures to help businesses across the UK survive as trade disappears across multiple sectors.
With so many support packages being announced, often without key details which are provided later, it has resulted in many business leaders struggling to keep up with all the financial assistance on offer.
The new online ‘support finder’ platform asks business owners to fill out a simple online questionnaire which the government says will take only minutes to complete.
Once filled out and submitted, the support finder tool with direct the user to a list of all the financial support they may be eligible for, as well as next steps for taking advantage of the vitally-needed aid.
Chancellor of the Exchequer Rishi Sunak commented: “We’ve launched an unprecedented package of support to protect jobs, businesses and incomes during these challenging times.
“Millions are already benefitting and this new online tool will allow firms and individuals to identify what help they are entitled to in a matter of minutes.
“We are doing everything we can to make our support as accessible and as easy to navigate as possible.”
It comes following an unprecedented level of financial aid to businesses from the government since the outbreak, including:
- Coronavirus Job Retention Scheme: paying 80 per cent of wages (up to £2,500) for furloughed workers
- Coronavirus Business Interruption Loan Scheme: providing easier access to financial support including loans, overdrafts and asset finance, however, lenders have been criticised for the limited accessibility of support
- Cash grants for retailers: One-off cash grants for bricks and mortar retailers
- Three-month extension period to file company accounts
- Deferred the next quarter of VAT payments for firms: until the end of June
- Business Rates Holiday for Retailers: 100 per cent business rate relief
- Introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80 per cent of trading profits up to a maximum of £2,500 a month
- Deferred Self-Assessment payments due in July 2020: until 31 January 2021
- Suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic
The business ‘support finder’ tool can be accessed here.https://thiis.co.uk/new-business-support-finder-tool-to-help-companies-find-out-what-support-they-are-eligible-for/https://i0.wp.com/thiis.co.uk/wp-content/uploads/2020/04/emergency-support-for-your-businesses.jpg?fit=900%2C501&ssl=1https://i0.wp.com/thiis.co.uk/wp-content/uploads/2020/04/emergency-support-for-your-businesses.jpg?resize=150%2C150&ssl=1Business SupportCoronavirus NewsGovernment & Local AuthoritiesNewsroomRetailer NewsSector NewsSupplier NewsTrade NewsBusiness rates Holiday,Cash retail grants,coronavirus,Coronavirus Business Interruption Loan Scheme,Coronavirus Job Retention Scheme,COVID-19,financial support,pandemic,Rishi Sunak,support finderA newly launched business ‘support finder’ tool from the government is aiming to help businesses across the UK quickly determine what specific financial support is available to them throughout the pandemic. Since the COVID-19 outbreak and subsequent lockdown to curb the spread, the government has rapidly introduced a raft of...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine