If you are one of those small businesses in the UK and you have been affected by the COVID-19 pandemic, then here are three schemes available for SMEs that might be able to help you recover.
Once again, to boost small and medium-sized business health in the UK, the government has availed three new support measures: Help to Grow Scheme, Restart Grant, and Recovery Loan Scheme.
These schemes are aimed to help SMEs boost productivity, acquire digital skills, reach new customers, and access much-needed funding to support the operations of the affected businesses in the UK.
This blog will provide you the necessary guidelines regarding the three available help measures. You can also take help from your trusted Small Business Accountants in London at your convenience.
Help to Grow Scheme
Help to Grow will help small/medium-sized businesses across the UK to learn new skills, reach new customers, and boost profits.
Help to Grow Offers:
Help to Grow: Management
Help to Grow: Digital
This June, small businesses will be able to access a 12 week-program delivered by leading business schools across the UK, accredited by the Small Business Charter. The program will combine a practical curriculum, with 1:1 support from a business mentor, peer-learning sessions, and an alumni network.
This Autumn, small businesses will be able to get free impartial advice on how technology can boost their performance through a new online platform.
Designed to be manageable alongside full-time work, this program will support small business leaders to develop their strategic skills with key modules covering financial management, innovation, and digital adoption. By the end of the program, participants will develop a tailored business growth plan to lead their business to its full potential.
30,000 places will be available over 3 years. The program is 90% subsidized by the government – participants will be charged £750.
Eligible businesses will also be able to get a discount of up to 50% on the costs of approved software, worth up to £5,000. Vouchers are initially expected to be available for software that helps businesses:
UK businesses from any sector that have been operating for more than 1 year, with between 5 to 249 employees are eligible.
The participant should be a decision-maker or member of the senior management team within the business e.g. Chief Executive, Finance Director, etc.
Charities are not eligible.
All businesses will be able to benefit from free online advice on the platform.
The voucher is expected to be available to UK business that:
Full details on the businesses and software eligible for the voucher will be published this summer.
The Restart Grant scheme supports small and medium businesses in reopening safely as COVID-19 restrictions are lifted. The Restart Grants are available on the UK from 1 April 2021.
Restart Grants Offers:
If your business is in the non-essential retail sector, then you may be entitled to a one-off cash grant of up to £6,000 from their local council.
If your business is in the hospitality, accommodation, leisure, personal care and gym sectors; then you may be entitled to a one-off cash grant of up to £18,000 from their local council.
Your business may be eligible if it is:
You cannot get funding if your business:
Note: Make sure to notify your local council if your situation changes and you no longer meet the eligibility criteria.
Recovery Loan Scheme
The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. Learn more about the Recovery Loan Scheme from https://tajaccountants.co.uk/blog/new-covid-19-business-recovery-loan-scheme
Contact Taj Accountants
At Taj Accountants, we aim to help you in all areas of your business accounting management and find the most suitable solution for your business, as per your requirements. Our specialized team of accounts aims to be your reliable source of solution for accounting and taxation problems where we offer a wide range of accountancy services along with tax services and advice, accounting services, payroll, tax return throughout London. Contact us for further information. Our contact information is available on our website.
DISCLAIMER: The purpose of the blog is to provide information and insight regarding the situation. The readers must contact experts before making any decisions based on the information. We highly appreciate you contacting Taj Accountants for further assistance.