Government Launches Coronavirus Business Support Finder Tool

The government has launched a new online tool to help businesses and self-employed workers determine what support they are eligible for during the Coronavirus pandemic. The tool consists of a questionnaire that can help workers to navigate through the various support schemes on offer. In just a few minutes, they can see a summary of the support they may be eligible for, including the various support schemes grants, loans and reliefs the government has announced.  

Chancellor of the Exchequer Rishi Sunak said: “We’ve launched an unprecedented package of support to protect jobs, businesses and incomes during these challenging times. We are doing everything we can to make our support as accessible and as easy to navigate as possible and millions are already benefiting from this new online tool.”

To protect business of all shapes and sizes during the outbreak, the government has introduced a wide range of packages to mitigate against the economic impact of coronavirus. Supports are dependent on a range of individual criteria, and although uncertainty persists in certain areas, the government are continuously revising the offering so that most workers will be able to access some level of support.

Below is a summary of the financial support measures introduced by the government during the pandemic to date:

• £330 billion of loans and guarantees for businesses
• Offered payment of 80 per cent of the wages of furloughed workers, including company directors, up to £2,500
• Deferred the next quarter of VAT payments for firms, until the end of
• £20 billion in tax relief and cash grants to help businesses with cash flow
• Coronavirus Business Interruption Loan Schemes
• Offered to cover the cost of statutory sick pay
• Temporarily removed all eligible properties in the retail, hospitality and leisure sector from business rates
• Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month
• Deferred Self-Assessment payments due in July 2020 until 31 January 2021
• Allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
• Suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; and
• Offered a 3-month extension for filing accounts to businesses hit by coronavirus