New financial support essential to business survival
Ludlow-based accountancy firm Thorne Widgery is calling on businesses to take full advantage of the additional £4.6 billion of grant funding that has been made available by the Government as the nation enters a new lockdown.
Businesses have started the new year facing yet more restrictions as England enters a new national lockdown.
However, in light of the new measures, the Chancellor Rishi Sunak has announced an additional package of financial support for businesses, particularly those in the retail, hospitality and leisure industries.
The new financial support offers a one-off top-up grant worth up to £9,000 per property to retail, hospitality and leisure businesses.
Meanwhile, local authorities will be able to access a £594 million discretionary fund to support other businesses affected by the ongoing pandemic.
Responding to the new financial support measures, Daniel Crowther, CEO at Thorne Widgery, said: “Businesses that have been adversely affected in the last year will have found the latest lockdown announcement very hard, as for many it will mean starting 2021 in a difficult position.
“The latest financial support packages are clearly aimed at those industries that have faced the greatest challenges during the pandemic, but we must recognise that few companies have come through this unprecedented event unscathed.
“This is why every business should explore these grants both targeted and discretionary to ensure that they can survive in the difficult weeks and months ahead.”
Daniel added that the grants would work alongside the £1.1 billion of additional discretionary grant funding for local authorities and Local Restriction Support Grants worth up to £3,000 a month that were previously announced, as well as the furlough and loan schemes which were recently extended.
“Businesses need to carefully assess their current financial position and seek out the support on offer that they need to survive,” said Daniel. “During these tough times, it is important to speak to a trusted adviser to get a better picture of a company’s financial health and to explore other options that may assist a business.
“The last lockdown showed us that businesses that were willing to adapt and take action early were most likely to succeed – so now is the time to act.”
