Sources of help for Business Owners during COVID -19 (Corona Virus)

We are currently living in unprecedented times. Navigating Covid 19 has been challenging times for families and business owners, with falling sales and footfall; some sectors have  ground to a stop. For many small, medium and even some larger businesses, there was quick movement from profit to survival mode as they don’t currently have the financial headroom.

There is hope

Government support areas to consider 

While there is no glossing over of the seriousness of this situation, there is support during COVID -19. As UK Business owners we are not entirely on our own.  Rishi Sunak, the Chancellor of Exchequer has been – and is still – announcing numerous support packages to support business owners during the Corona Virus crisis.

This assistance may not apply to every business owner but here are few areas where there is support for business owners

Coronavirus (COVID-19) support is available to businesses

  • Loans, tax relief and cash grants are available
  • Employers might be eligible for financial support to pay wages
  • Self-employed people might be eligible for a taxable grant covering 80% of trading profits

The Government Web site outlines what you can do now

Funding & Support

Your responsibilities as an Employer

How to run your business safely 

National Lockdown Rules

Check how the new BREXIT rules affect you

New rules apply to things like travel and doing business with Europe. You can use the Government Brexit checker here to get a personalised list of actions for you, your business and your family.

Instantly Check out what Covid-19 support you might qualify for

The government have developed this excellent tool to help businesses owners find out what financial support they may qualify for

Check what you may qualify for – Coronavirus Support Finder Tool

It is crucial to keep track of the support that the government are unveiling for SMEs entrepreneurs, and claim all the help you’re entitled to. The picture will inevitably change over time as the Government responds to impacts of the crisis.

Talk to your bank

  • The Government has made clear that it expects the banks to take a sympathetic approach to small business customers during this crisis.
  • Talk to your bank about how they might be able to help your business.

Talk to your customers

  • In these tough times, it is crucial to keep cash flowing through your business.
  • Your larger customers may be able to play an important role here.

Talk to your tax authorities

  • HM Revenue and Customs has launched a dedicated telephone helpline for businesses looking to find out more about its Time to Pay service (0800 015 9559).
  • HMRC is also the authority to talk to about the Employment Allowance, which offers financial support to employers with National Insurance bills.
  • You may need to talk to your local authority about your business rates where there was additional help in the Budget.

Talk to your landlord

  • Your landlord may be prepared to discuss reduced rents or even a rent holiday for a period.

Your insurer

  • Check your insurance, are you covered for business interruption and closures caused by any notifiable disease?
  • Talk to your insurance company for advice.
  • Do you have key person insurance, for example, that pays out if a senior figure in the business is unable to work?

Talk to the Entrepreneurs Hub

Our team are experienced in supporting business owners through the complete life cycle of running a business which includes growing their business, raising funding, preparing, and selling their business.

We understand COVID -19 has brought challenging times and it can be lonely –  it’s not always easy to see the wood for the trees with so much going on. If you need any advice whatsoever – then please do contact us ASAP – we are offering this time with no charge to you. If we can’t help you we may know someone who can

If you would like to find out more about how you can grow, prepare and sell your business during 2021 please call us on 0845 0678 678 or contact us here

Additional support

Useful links for you and your business..

Got a question?

Talk to a member of our team today.

Contact us on +44 (0) 845 067 8678 or email us at info@entrepreneurshub.co.uk