The government has this week released a new tool to help businesses determine what help is available to them amid the coronavirus pandemic.
Business owners will be asked to fill out a short online form which will then take them to a list of all the financial support that they may be eligible for.
Examples of available financial support;
- £330 billion of loans and guarantees for businesses
- Pay 80% of the wages of furloughed workers, up to £2,500
- Deferred the next quarter of VAT payments for firms, until the end of June – representing a £30 billion injection into the economy
- £20 billion in tax relief and cash grants to help businesses with cash flow
- Coronavirus business interruption loan schemes for both SMEs and larger firms to make it easier to access vital financial support
- Offered to cover the cost of statutory sick pay
- Allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
- Suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic
- Offered a three-month extension for filing accounts to businesses hit by the coronavirus
The UK Business Secretary Alok Sharma said:
"Businesses of all shapes and sizes play a vital role in our economy, which is why we want to make it as easy as possible for all of them to access our wide-ranging package of financial support during this challenging time.
"This online questionnaire takes just minutes to complete and will quickly signpost a business to the loans, grants or other schemes they could be eligible for."
Rishi Sunak, The Chancellor, added:
"We've launched an unprecedented package of support to protect jobs, businesses and incomes during these challenging times."
"Millions are already benefiting, 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."
The tool is available to now at