The tool asks business owners to complete an online questionnaire which will then direct them to a list of all the financial support they may be eligible for.
To support business, workers and the self-employed during the Coronavirus outbreak, the Government has:
- made up to £330 billion of loans and guarantees for businesses
- offered to pay 80 per cent of the wages of furloughed workers, up to £2,500 which is open until the end of June
- deferred the next quarter of VAT payments for firms, until the end of June -
- introduced £20 billion in tax relief and cash grants to help businesses with cash flow
- introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support
- covering the cost of statutory sick pay
- entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily
- introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80 per cent 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
- offered a three-month extension for filing accounts to businesses hit by Coronavirus.