Further support for small businesses impacted by COVID lockdowns

SME investment specialists IW Capital offer comment ...

Rishi Sunak has announced further support for people and businesses impacted by local lockdowns. Speaking to the House of Commons today, the Chancellor said he would help “open but struggling businesses” operating in areas under tier 1 and 2 coronavirus restrictions, and pledged to increase the government’s financial support to employers forced to close in tier 3 areas. 

He extended the Jobs Support Scheme to include businesses which can open but have witnessed a fall in demand, by lowering the required hours employees have to work to qualify for the support down from 33 per cent of normal hours to 20 per cent. He also revealed a dramatic cut in the level of employer contributions under the scheme. Businesses are now expected to cover just 5 per cent of employee hours not worked, rather than the 33 per cent initially announced last month. The support scheme will apply to eligible businesses in all tier levels. 

Luke Davis, CEO and Founder of SME investment specialists, IW Capital, has commented on the announcement: 

“This package announced today could be the lifeline that many small businesses have been calling out for, helping them keep on staff and keep operating during the new restrictions. Businesses have been incredibly resilient and small business owners, in particular, should be praised for the work they have done over the course of the year. 

Small businesses represent 99% of the UK economy and employ over 60% of the working population, so this support is crucial to the continued success and the overall health of the UK economy. For those that are not only looking to stay afloat but grow, private investment into SMEs remains strong, at IW Capital, have seen a marked increase in the amount invested into high-growth SMEs during the Coronavirus pandemic.” 

For more information visit iwcapital.co.uk

For more Leadership Business news follow i-invest Online


Other stories you may like

  • Bringing the world together on AI
      A lack of global cooperation could severely hinder the safe and seamless use of AI, making the need for solutions imperative, says tech expert Mark Minevich   In an era where AI is redefining what’s possible, its rapid evolution is not just a technological…
  • Managing Change (Implement Consultancy)
        Transform Your Team Kieran Flanagan of Implement Consultancy reveals how to shape a culture that embraces change.
  • Interview with Arnaud Picut of aixigo
    aixigo provides the world’s fastest API-based Wealth Management Platform for creating individual, innovative and profitable wealth management services. Their platform enables banks, financial service providers and wealth managers to digitalise their service offerings.   Combining quality and the strictest regulatory compliance with speed, aixigo helps banks, financial service providers and wealth managers to digitalise their service offerings. The focus on the end customer enables aixigo to create unique, innovative and profitable wealth management services for their clients. Arnaud Picot is the CEO of aixigo.
  • Principle Place: A Pinnacle of Luxury Living
    Principal Tower is an impressive 50-storey landmark, the crowning glory of Principal Place, a vibrant new mixed-use development on the outskirts of the City of London. i-invest caught up with Christopher Murray, Managing Director and Co-Founder of Concord London   Please introduce us to Principal…
  • Why Should Business Leaders Invest in Cybersecurity?
    The UK government has published a draft Code of Practice on cyber security governance, which aims to help directors and senior leaders of businesses improve their cyber security practices and protect their organisations from cyber threats.   The Code of Practice, which was developed in…