Businesses across the globe have been affected dearly, more so due to the outbreak of the COVID-19. Entrepreneurs globally have been struggling to keep their businesses afloat despite the challenges that follow. It is essential to note the lockdowns and other effects of the pandemic did not spare entrepreneurs globally. David Azzato notes that the COVID-19 pandemic has led to unexpected business disruptions in the country and the world.
Many governments took drastic measures to deal with the pandemic, such as imposing partial or total lockdown. England is known to host about 2 million entrepreneurs who were also potentially affected by the lockdown. Government Ministers have been engaging in a series of meetings and are scheduled to discuss possible ways to support these entrepreneurs amid the COVID-19 pandemic. Notably, many entrepreneurs have been relying on dividend payments as their primary source of income, and the government had to come in and find a lasting solution after the lockdown.
David Azzato hints that the UK Government has been keen on ensuring that it provides relief schemes intended to help the businesses affected by COVID-19. Sources indicate that the funds will be available for the self-employed, sole traders, and limited companies. The government intends to release the funds as loans, tax relief, or cash grants. Note that these funds have no conditions, and you will receive them whether the business is open or closed.
David Azzato hints that the funds to support the small, medium, and large businesses will come from the COVID-19 business interruption loan. Additionally, the government introduced the Business Interruption Loan Scheme after the pandemic led to serious job losses and another unprecedented occurrence. The UK government went further to ensure that it provided relief to the self-employed besides issuing business loans and other initiatives. While entrepreneurs keep the country moving, without the employees then the business will not easy. UK government went further to provide a job retention scheme which helps employers support their staff and pay them when due. Businesses enjoyed tax relief and business rates relief; hence they could operate optimally.
According to David Azzato, by the end of January 2021, government-backed loans will be closed, and hence entrepreneurs should consider this option. However, only UK-Based businesses that have been adversely affected by the pandemic will benefit from these loans. While looking at options to encourage the lender to participate, the government committed 5 Million Pounds in the partial guarantee of CBIL.
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