The Coronavirus (COVID-19) Pandemic is widespread as of March 2020 and is affecting small business owners all across the UK.
The UK government’s response to the Coronavirus outbreak has created several programmes to support its citizens and SME’s.
In order to help with extreme measures underway as a response to the outbreak as to help lessen the impact on people of the UK, small business owners and the entire UK economy.
While the risk to the people of the UK remains low at this time, small business owners all across the UK are being advised to prepare for any potential distributions that may arise due the Coronavirus outbreak.
Schemes to support public services, people and businesses include:
The Job Retention Scheme which helps cover the costs of individuals who are furloughed, but providing 80% of their pay (up to £2500 per month), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Programme.
Government Funding for Small Business Owners
As a small business owner considering starting a small business or if your existing small business has been impacted by COVID-19/Coronavirus in any way, you may be considering government funding support.
The UK government has hundreds of different funding programmes available to assist small business owners across the UK.
These schemes come in the forms of government grants, government loans, tax breaks and tax credits. While awaiting new programmes directly related to COVID-19, as a small business owner in the UK it is important to know what is available to help your small business.
Take a moment and try our Funding Search Tool right here to see eligible programmes for your small business.
Generally speaking, government funding can help you startup, expand, to pay for your staff wages (especially if they are now asking to be off; be sent home..etc), to provide training, marketing costs to help you increase sales, to help you purchase tools, equipment, improve your location via leasehold improvements and more.
Hundreds of funding schemes are available and now is the best time to take advantage!
While the Coronavirus has definitely impacted the economy, the stock market, a significant drop in travel and certain countries have been placed on lockdown; it is just the beginning based on expert analysis.
As a UK citizen, perhaps a small business owner, it is important to stay up to date and understand the latest updates on the virus, the spread and what you can do about it.
The most critical is to take special precautions for COVID-19 and do what you can to prevent the spread.
The common respiratory virus avoidance methods include:
- Avoiding close contact with those individuals that are sick
- Encouraging your staff to stay home (work from home) when they are sick
- Avoiding touching your face
- Regular hand washing (at least 30 seconds with soap – If soap is not available use alcohol-based hand sanitizer)
- Regularly clean and disinfect frequently touched objects and surfaces
How concerned should you be as a small business owner?
With any outbreak, especially a deadly one, there is reason to be concerned.
Small business owners across the UK are impacted as person to person contact, gatherings and simply public awareness of the Covid is decreasing the amount of time people across the UK are spending in public places – which ultimately means, your shops, your businesses are impacted.
Aside from potential loss of income due to the downturn in the economy, the other risks you have is the spread of the virus through direct contact with employees.
Time to change the world
Covid is spreading across the world. Global stock markets are in free fall.
But with great challenges come great opportunities.
You can now access the Small Business Startup Platform and prepare your small business for a time when we are Corona-free, right from your home.
A big problem with that is people still need to live their lives, startups still need to startup, businesses still need help and support; but do you really want to go to a bank for help, do you really want to go visit the local incubators and community programmes to help with your business plan and sit in a closed environment, concerned with the virus and worried of anyone coughing?
From home, you can access the Small Business Startup Portal and avoid these concerns.
Instead of sitting at home watching Netflix, waiting for this to pass, now is the time to start that small business you’ve always wanted.
Let’s get going. Let’s change the world together.