Small Businesses

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Chancellor of the Exchequer Rishi Sunak has confirmed that further support will be available for UK small businesses that have been impacted by the latest Omicron variant of Covid-19.

The government is launching a package of support worth a total of £1 billion, with leisure and hospitality firms set to be able to claim single grants of £6,000 to help them weather the latest restrictions. Companies operating within these sectors will be facing an especially hard start to the New Year, with many people having chosen to cancel planned events over the festive period, dealing them another heavy financial blow.

A report published by Big Hospitality during December found that more than 50% of hospitality outlets had already seen profits fall by 40% in the weekend just before Christmas. This came in the wake of earlier research suggesting that a strong festive period was essential to the survival of many.

While these grants will be welcome, advice from affordable accountants in Goole or wherever firms are based may also help those struggling with reduced revenues and debts.

Other measures that the government is introducing to try to get small firms through this latest Covid-19 wave include bringing back rebates on statutory sick pay, a Culture Recovery Fund worth £30 million for the arts sector and over £100 million for local councils to make available for businesses.

Alan Thomas, the CEO of Simply Business, stated that this needed to be the start – rather than the end – of the financial help provided by the government.

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