The economic turmoil caused by the spread and outbreak of COVID-19 cannot be equated to many organizations and nations’ financial muscles. Even in developed countries, medical systems have been strained, and the only remedy was to get to total or partial lockdowns. Cessation of movement and border closure has taught many countries to be self-sustaining. While this was a great step to contain the virus, entrepreneurs had to deal with a lot to keep their businesses afloat. However, some businesses had to close their door since they could not sustain their daily operations. In the UK example, the pandemic brought various challenges to entrepreneurs as the government enacted the lockdown while protecting their citizens. This unexpected disruption in business operation caused many entrepreneurs’ financial strains.
Entrepreneurs in England have a reason to smile as the lockdown comes to an end. However, many are unsure where they should start to rebuild their premises after the financial turmoil experienced during the national lockdown. Government Ministers in the UK have a scheduled seating to help over 2 million entrepreneurs who were locked out of support due to COVID-19. Several entrepreneurs in the UK and other parts of the world rely on dividend payments as an income generation scheme.
Governments globally rely on taxes collected from their citizens and businesses. UK government has been at the forefront to provide relief schemes, more so for entrepreneurs who were at the brink of closing their business ventures due to the effects of COVID-19. The government offered tax relief, cash grants, and loans to self-employed and sole traders, among other business leaders.
Additionally, small, medium and large businesses received support from the coronavirus Business Interruption Loan (BIL), which was fundamental in strengthening their financial muscle.
As an entrepreneur, your staff is the greatest asset, and they must be treated with care and compassion. UK government committed to offering finances that would help entrepreneurs retain their staff through payments, tax, and business rate relief.
David Azzato advises entrepreneurs to take advantage of the government’s available support for their business. As an entrepreneur, you should have applied for the government-backed loans that were open till the end of January 2021. David Azzato also notes that you have been operating your business in the UK, and the business was adversely affected by the COVID-19 pandemic. Recently, the government announced that it would partially guarantee CBILS loans of about 5 million pounds which was geared at taking care of the first 12 months of the loan’s interest repayment.
According to David Azzato, you should consider taking the best business loan that will take care of your business needs to thrive after the COVID pandemic. Before taking a loan, you should ensure that you are taking time to understand the terms and the duration of loan repayment. David advises entrepreneurs to ensure that they have the right mindset and stay focused on critical aspects of businesses, and devise recovery plans to take their business to the next level despite the pandemic spread. See more information at https://www.crunchbase.com/person/david-azzato