The Federation of Small Businesses (FSB) has partnered with Tide to provide SMEs with a Coronavirus Government Support Eligibility Checker. This will enable businesses to see exactly which of the government’s support schemes they can apply for.
The eligibility checker is provided free of charge through the FSB and Tide websites. It’s a quick and easy way for small and medium sized businesses to gain access to the financial support that many desperately need during this downturn in the economy.
A large number of businesses across the country are confused about the financial support that is available to them during the coronavirus pandemic. They need easy access to details about the schemes that they are eligible for and how to apply. The aim of the Coronavirus Government Support Eligibility Checker is to offer a simple process to identify the help that they can get and direct them to providers.
Research conducted by Tide shows that 75% of SMEs in the UK had seen the COVID-19 crisis cause a negative effect on their business by the end of last month. Alarmingly, 24% had seen revenue levels fall by 100% since the government lockdown was implemented. These figures highlight just how important the financial support is to these companies.
Oliver Prill, Tide CEO said: “The COVID-19 crisis will have a severe and potentially long-term impact on the UK’s SME community and so it is crucial that we do all we can to help as many small businesses weather this storm as possible.
“The UK government has announced a very generous package of measures to give financial support to SMEs, however the distribution of these funds is unclear and is not happening quickly enough. Tide is dedicated to serving the SME sector and so we hope the COVID-19 Business Support Finder will help business owners to get the help they need.”
Support for small businesses
The FSB has had a long-established commitment to supporting its members with access to finance and this will continue throughout the coronavirus crisis.
A survey of 1,500 small companies carried out by the federation shows that 10% have already put plans in place to close, sell or hand on their business due to the coronavirus lockdown. In addition, 20% of businesses surveyed were looking to downsize the company.
Many businesses are already facing financial difficulties due to the lockdown and social distancing guidelines. The research conducted by the FSB shows that one in seven companies have already had to lay off members of staff. A third of those surveyed had plans to reduce staffing levels during the lockdown.
Self-employed financial difficulties
One of the other areas of the economy that has been badly hit by the coronavirus lockdown is the self-employed. The government has already announced a £9 billion package of support for the self-employed. However, not everyone is eligible for this and the money will not be available until June, which leaves many facing financial problems in the meantime.
The Association of Independent Professionals and the Self Employed carried out research which highlights that two thirds of the self employed are worried about getting through their savings over the coming three months.
The problems many in this sector are facing is that their businesses have seen large drop-offs in trade – with some not being able to operate at all due to the nature of their business, such as hair dressers. Over 50% of those questioned said that demand for their work had decreased significantly.
More information
Rise in restaurant and pub insolvencies before coronavirus pandemic
10 ways to help your business financially during the coronavirus pandemic