Originally written by Timothy Adler on Small Business
Small business has asked the chancellor for a multibillion support package to help get it through to the other side of the pandemic.
Mike Cherry, national chairman of the Federation of Small Businesses, has written to Rishi Sunak outlining his proposed small business support package.
Measures include a second round of £10,000 grants, a new German-style reimbursement scheme for lost trading, improved terms for state-backed Bounce Back Loans and income support for the newly self-employed.
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Small businesses with fewer than 50 employees account for 99 per cent of all businesses in the UK. SMEs account for three fifths of all employment in the private sector.
In particular, the FSB has called for:
Small Business cash grants – a second round of one-off grants of £10,000 through the Small Business Grant Fund (SBGF), plus targeted grants of up to £25,000 for small firms in retail, hospitality and leisure
Revenue Loss Scheme – a German-style scheme to reimburse small businesses for the financial impact of a significant loss in custom, whereby the government would cover a percentage of lost revenue compared to the same time last year. The German version of this