COVID-19 support for self-employed customers
As businesses attempt to navigate their way through the COVID-19 pandemic, many of our self-employed customers are looking for information on the support options available to them
The self-employed are typically experts in what they do, but the restrictions on trading and reduced demand for some businesses mean day to day activities may have changed beyond recognition. There are a number of sources of help available to small and medium sized businesses but without the luxury of an inhouse legal or finance team, it can be hard to know where to turn and what help is available.
You may already have this under control but while everyone’s situation will be different we’ve found a couple of resources we think make a good starting point.
What help is there for the self-employed?
With the situation changing rapidly and differing laws for each country it can be tricky to keep on top of what’s available for you, where you live. To help, The Federation of Small Businesses has pulled together information sheets based on what’s available for businesses in England, Scotland, Wales and Northern Ireland.
Not only do these contain summaries of support available in your area but they’ve also created easy to decipher decision trees to guide you to the most suitable support. We found it really useful, click here to view.
Just a reminder that the self-employed grant scheme (whereby individuals are available to claim a grant covering 80% of their profits – up to £2,500 per month) is now open, with payments being received by the end of the month. A summary of this scheme and other government backed schemes can be found here.
Options for limited companies
The support for those of you who are self-employed and have a limited company are slightly different. These differences and issues along with some advice was discussed recently by the team at The Independent Professionals and the Self Employed (IPSE) on one of their webinars, we think it’s well worth a listen for some good next steps. It can be viewed here.
Keeping up to date
The COVID-19 situation is changing frequently. In order to ensure you are getting the most up to date information, its worth following both the FSB (@fsb_policy) and IPSE (@teamIPSE) on social media or regularly checking here for the latest information.