The rapidly changing nature of the COVID-19 outbreak has left many SMEs feeling uncertain about their future.
Information and advice from Government can change quickly, which is why Supply2Gov is committed to supporting its customers and the supplier market through this challenging time.
Find out the latest information around the support SME businesses can receive during the Coronavirus pandemic below.
New loan scheme available in May
The Chancellor of the Exchequer, Rishi Sunak, announced a new 100% government backed loan scheme for small business at the end of April.
Small businesses will be able to borrow between £2,000 and £50,000 and access the cash within a matter of days. These loans will be interest free for the first 12 months, and businesses can apply online.
Those in need of financial support can apply through a short, standardised online application. The Chancellor of the Exchequer, Rishi Sunak, said:
“Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.
This is in addition to business grants, tax deferrals, and the job retention scheme, which are already helping to support hundreds of thousands of small businesses.”
Businesses will be able to apply for a loan from Monday 4 May. The government is working with lenders to ensure loans delivered through this scheme are advanced as quickly as possible. Lenders will also agree with businesses on a low standardised level of interest for the remaining period of the loan.
UK Government supporting small businesses
The UK government has provided over £15 billion for business since its coronavirus response launched. Funding has been allocated to the following areas:
- Job retention scheme – more than 500,000 claims have already been made to the value of £4.5billion
- Business grants – half a million business properties have benefited from £6 billion of business grants
- The Coronavirus Business Interruption Loan Scheme – with over 20,000 loans
- The Covid Corporate Financing Facility, which has provided over £14 billion for larger firms
- VAT deferrals worth billions of pounds
- Scrapped businesses rates
- The government is also covering the cost of statutory sick pay
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Within public sector supply chains, COVID-19 is impacting both what the public sector buys and how it buys. Our experience, expertise and insight are fully at your disposal, ensuring you can navigate through this period successfully, and prepare for opportunities now and in the future.
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* All information provided in this article is given in good faith. However, to the extent that any actions taken in relation to matters concerning procurement, the above article does not constitute legal advice to you. The contents of these articles are not to be construed as legal advice or a substitute for such advice, which you should obtain from your own legal advisors if required. We are not and shall not be held responsible for anything done or not done by you as a result of the information provided.