UK Government Financial Help During Coronavirus (COVID-19)

It’s a difficult time for everyone. Businesses have had to stop trading, we’re becoming reliant on community support, no one can get an online delivery slot. We’re all in this together and we’re all hoping for financial help from our government. Whilst some people quality for this, as new announcements come out and schemes are revealed, there are people falling through the net. Why is this and what’s on offer in terms of monetary support?
Through The Net
One of the main reasons people are falling through the net is because there is no one size fits all approach. Employees were first thrown a lifeline. Business grants were made available. Then self employed were offered help. But it doesn’t cover everybody and everything. What about those small business owners. What about directors of small companies who pay themselves a minimum wage and top up with dividends. What about those who have only recently become self employed or had resigned from one job and were due to start with another company? There are so many different situations and scenarios playing out across the nation, there are bound to be people who aren’t covered in the schemes being put into place. Announcements are happening all the time though and if you do fall through the gap, you will be offered financial support in terms of Universal Credit. These applications are up over 800% in a week, so it’s a slow process. Unfortunately this isn’t ideal for a lot of people as they are expecting more help from the government, after paying their taxes for years and other people being helped out more. You have to realise that these things are being set up in a matter of days. Rushed through so the help can start to trickle through. The usual turnaround for these new areas of support would be years. So doing it within a few days, there are bound to be issues.
Where Do We Go From Here?
Whilst every business and business owner would love a hand out from the government, we cannot rely on others to support our company. Directors of companies feel worse off by all of this
We’re also learning new words and phrases throughout all of this. Did you know what furlough meant before the Covid-19 pandemic? It’s been confirmed that if you left a job after February 28th, your old employer can rehire you to furlough you. This means that you’ll get 80% of your wages paid for by the government, keeping your finance in good shape. This works for those who have been made redundant and those who left the job voluntarily. There are varying reports about whether a director can furlough themselves. It’s an unknown situation we all find ourselves in and everyone is learning at the same time and same rate as things develop. Whatever situation you find yourself in, do the research. Read the government website. Watch a Martin Lewis video. Find what you need to know and where you need to go from here.
Beware Of Scams
Unfortunately, as there always is, people take advantage of these situations for their own financial gain. From buying supplies and selling them on at a higher price to trying to scam vulnerable people. There are many scams doing the rounds at the moment. From text messages, to emails, to people turning up on your doorstep claiming to be from different teams to do with the outbreak. Be smart, be safe and inform those vulnerable people in your family and community.
There are new developments and announcements all the time. To keep up to date with the latest, please visit the Government website here.