What support is available?
This new lockdown extension is the latest in a series of blows to the UK’s small business economy. Whether you’re completely closed or open for business in a limited capacity, support is available. But it is often challenging to work out exactly what you might be eligible for.
We advise taking the time to find out exactly what you can qualify for, and apply for every bit of support available. At times like these, every little helps!
Use the government’s Coronavirus Support Finder to check what you might be eligible for. A few of the types of support that are still available include:
Deferring VAT payments
If you deferred VAT payments between March and June of last year, you can pay your overdue VAT in equal installments without incurring interest. This prevents a big bill all in one go. But be quick! You only have until 21st June to opt into the scheme.
Overdue taxes: Time to Pay
If you have been unable to pay your tax bill due to the pandemic, you might be able to get extra time under HMRC’s Time to Pay scheme.
Create a job with a Kickstart Grant
The Kickstart Grant scheme provides funding so you can employ a young person (aged 16-24) who is currently unemployed and receiving universal credit. You’ll receive 100% of the National Minimum Wage or National Living Wage for up to 25 hours per week, plus National Insurance and pension contributions and support with setup costs.
So if you’re looking for some extra support but money is tight, give a struggling young person a chance and you’ll inject new life into your team without stretching your staffing budget even further.
Apply for a recovery loan
The Recovery Loan Scheme is still open and will be available until the end of this year. If you can show that your business has been adversely affected by the pandemic and would otherwise have been viable, you can apply for support of anything from £1,000 to £10 million.
Don’t forget that this is a loan, not a grant, and you will be responsible for paying it back. But if you need a little extra support to stay afloat until your business can reopen fully, then it’s an option worth considering.
Check your local council’s funding options
Many local councils throughout the country have been offering Covid recovery grants to small businesses in their area. For example, Leicester City Council is offering one-off “restart grants” if you apply by 30th June, and Kent County Council has a Covid-19 Local Recovery Fund scheme open for applications.
Check out what your local city or county council has on offer – you might be surprised!
Don’t despair, you’re not alone
This platform was created for moments like this. We want to be here for you and to support struggling business owners at every stage of pandemic recovery and beyond. Have a read of all of our Covid-19 and Covid support content for advice, tips, strategies, and inspiration, and check out our finance category for help managing your business’s money in this challenging time.
We also can’t recommend talking to other business owners enough. The small business community is a supportive bunch of people and we like to uplift our own. So reach out, whether it’s through LinkedIn, your local networking group, or your social media platform of choice. Talking to others will not only give you perspective and help you feel less alone, but you’ll also get new ideas that you can implement into your business going forward.
If you’re looking for some more personalised support, this can be a great time to work with an experienced business coach who understands exactly what you’re going through. Marc is currently offering free 30 minute one-to-one consultations. Your call gives you time to focus on YOU and your business, to make a plan, and to take some action to get you unstuck. Get in touch to book now.
There is life on the other side of this, and you are not alone. Keep breathing and try not to panic. We’ve got you.