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Business support tool launched by Government during Coronavirus pandemic

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A new business support finder tool has been launched in a bid to help businesses and self-employed people determine what financial support is available to them during the Covid-19 pandemic.

The new online platform launched by the Government is designed to help businesses easily access the financial support they are eligible for during the ongoing lockdown.

The finder tool on GOV.UK will ask business owners to fill out a simple online questionnaire, which can take minutes to complete, and they will then be directed to a list of all the financial support they may be eligible for.

Business Secretary, Alok Sharma, explained: “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.”

Chancellor of the Exchequer, Rishi Sunak, added: “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.”

In terms of potential support available, the government says it has:

  • Made up to £330bn of loans and guarantees for businesses.
  • Offered to pay 80 per cent of the wages of furloughed workers, up to £2,500.
  • Deferred the next quarter of VAT payments for firms, until the end of June.
  • Introduced £20bn in tax relief and cash grants to help businesses with cash flow.
  • Introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support offered to cover the cost of statutory sick pay.
  • Entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily.
  • How have you found the situation in securing support? If you would like to comment for inclusion in our next issue, email rachel.symonds@targetpublishing.com

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