A new ‘support finder’ tool launched by the UK Government will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic.

The finder tool asks business owners to fill out a simple online questionnaire, and then directs them to a list of all the financial support they may be eligible for.

To support businesses, workers and the self-employed during the coronavirus outbreak, the UK government has already made the following efforts:

• offered up to £330 billion 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 - representing a £30 billion injection into the economy;
• introduced £20 billion 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;
• introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month;
• deferred Self Assessment payments due in July 2020 until 31 January 2021;
• allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
• suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; 
• offered a 3 month extension for filing accounts to businesses hit by coronavirus.

Further information could be found here. To discuss this topic in the COVID-19 Forum, please follow this link.