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SMEs offered support in time for Christmas

Many UK SMEs were relieved to find out during the PM’s statement yesterday that they could soon open their doors again.

However, as the uncertainty about the trading conditions and tiers they will fall under lingers, can the Government match the level of support needed for small businesses to survive?

Christmas is coming but not as we know it

Several SMEs already lost out to big brands during the lockdown, longer opening hours might allow for partial trade recovery in December.

However, as many businesses are already carrying a considerable level of debts, relaxing 10 pm curfew and relaxing Sunday Trading laws may not be enough.

Many hospitality businesses, especially those in Tier 3, will have to make difficult decisions about their future. The same goes for 3 million UK taxpayers who are yet to receive state support during the pandemic.

Saving the economy starts with saving jobs

With the scrapped Job Retention Bonus and no viable support for company directors, there may not be jobs for staff to come to in coming months.

Small businesses are already on the brink of the avoidable insolvency.

Will the Chancellor present package support for SMEs across the board during the Spending Review tomorrow (25 November 2020)? Let’s hope for a Christmas miracle.

Meanwhile, if your business is struggling financially in those uncertain times, please don’t put it off. If you have any questions about your options, please get in touch on 0800 118 2948. Seeking advice early on really can help to find the best resolution and whatever happens, we will be beside you, helping you through the process.

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