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

  • A star of online trading
    An interview with Iskandar Najjar, CEO of Equiti Group Equiti provides online multi-asset trading services and support to a wide global client base. The group’s global footprint includes offices in Europe, the UK, the Middle East, the Americas, Africa and the Asia Pacific regions. Among…
  • Fides Reach further, connect faster
    An interview with Andreas Lutz, CEO, Fides Fides is the world leader in multibank connectivity, payments and transaction communications. A market leader for more than a century, Fides is committed to making financial operations as efficient, transparent and secure as possible for all organisations. More…
  • EU Renovation Wave
    On January 23rd, the European Parliament is set to vote on the rules surrounding the green renovation of homes across the EU. Innovative instruments to unlock the necessary finances to achieve the EU’s building energy efficiency goals are on the table. MEPs must vote to…
  • BoE to stress test non-banks for first time after pensions turmoil
    Investment funds and other non-bank financial institutions face their first “stress test” in 2023 to apply lessons from the near-meltdown in Britain’s pension fund sector, the Bank of England (BoE) said in December. The BoE had to step in from September to buy £19.3bn of…
  • Germany calls for global regulation of crypto industry
    Germany’s top regulator recently called for global regulation of the cryptocurrency industry to protect consumers, prevent money laundering and preserves financial stability. Mark Branson, the president of Germany’s financial market regulator BaFin, said a hands-off approach that would “just let the industry grow as a…

Follow us