New research has shown that almost three in four people feel that the government’s business support packages were confusing.
Additionally, 85% of respondents said that the measures launched to help businesses combat the impact of the pandemic were still not enough to give them the support they needed.
The latest measures, announced last week by chancellor Rishi Sunak, included a more generous coronavirus Job Support Scheme that reduced the employer contribution and minimum hour requirements.
Many have told Tommys Tax that that they were still not eligible for any government support at all, while others said that it was a “disgrace” that government funding would only cover 40 per cent of their average monthly trading profits across three months.
Where can businesses turn for extra support?
If you are confused about what is available, get advice as soon as possible. Small business support groups, accountants and your own bank are all great places to start.
It’s also important to remember that just because you may qualify for a certain type of support, that doesn’t mean it’s the best option for your business.
Treat the exercise of looking for financial support for your business as you would at any other time, by reviewing all the options and making the choice that will give your business the most benefit.
Whether you are eligible for the range of government support or not, it may also be worth exploring which funding options might support your business.
As an independent, FCA-regulated commercial finance broker or your accountant, we specialise in helping businesses find the right funding solution, and at a time when many people are confused and nervous about the future, our services could be the support you’re looking for.
If you’re searching for new funding for your business or looking to review any existing facilities, we can help and show you a positive way forward!