Small Businesses

Woman at Business Meeting

Rishi Sunak has confirmed that the government will not be making any further financial help available for small businesses, despite the extension of Covid-19 restrictions into July.

In justifying this decision, the Treasury is highlighting the £1 billion worth of support that local councils have already been provided with and that they are free to distribute funds to small firms to help them with business rates and other financial concerns. However, it has made it clear that no further grant support will be coming, even with the announcement of the month-long extension to restrictions.

Starting on 1st July, the furlough scheme will begin to wind down, with the government only covering 70% of employee wages, instead of 80%, as it is now. That 10% difference will have to be met by the owners of small businesses.

Furthermore, those running retail, leisure or hospitality firms will be expected to meet a third of business rates payments from the same date, while the business premises eviction exemption is also expected to end, making rent payments more pressing for owners. Where possible, they may look to affordable accountants in Goole or elsewhere that specialise in small businesses to help them find a way forward.

FSB Chairman Mike Cherry told Small Business that:

“Many small firms who have been hanging onto the edge will be left wondering if they can survive further periods of restrictions without additional support.”

Cherry added that nightlife venues had been forced to close for the whole Covid-19 period and needed help targeted to them.

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