Government launches coronavirus business financial support tool

The Government has released a new ‘support finder’ tool which aims to help businesses and self-employed people across the UK during the Covid-19 pandemic.

The tool allows businesses to “quickly and easily” determine what financial support is available to them during the Coronavirus pandemic.

Business owners are required to complete an online questionnaire which will then direct them to a list of all the financial support they may be eligible for.

So far the Government has:

  • Made up to £330bn of loans and guarantees for businesses
  • Offered to pay 80% of the wages of furloughed workers, up to £2,500 which is open until the end of June
  • Deferred the next quarter of VAT payments for firms, until the end of June –
  • 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

Alok Sharma, Business Secretary, said: “Businesses of all shapes and sizes play a vital role in our economy, which is why we want to make it as easy as possible for all of them to access our wide-ranging package of financial support during this challenging time.

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“This online questionnaire takes just minutes to complete and will quickly signpost a business to the loans, grants or other schemes they could be eligible for.”

Rishi Sunak, chancellor of the Exchequer, added: “We’ve launched an unprecedented package of support to protect jobs, businesses and incomes during these challenging times.

“Millions are already benefiting and this new online tool will allow firms and individuals to identify what help they are entitled to in a matter of minutes. We are doing everything we can to make our support as accessible and as easy to navigate as possible.”

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