Virus - Deadly To Business Confidence

The free Financial Support Checker

Two in five small businesses operating in the construction sectors fear the risk of closure, with coronavirus set to cost them almost £13,000 each.

Recent research has shown that lockdown will cost small businesses £12,891 each on average – including lost work, earnings and loan repayments.


Free Financial Support Checker

Simply Business (a small-business insurer) has launched a free Financial Support Checker to help small businesses and the self-employed to quickly determine what financial support and schemes are available to them during.


Running out of money

Worryingly, one third (35%) of the respondents to the survey (of 840 businesses) said they are concerned about running out of money, with one in three (37%) admitting they have had to borrow money from friends and family to stay afloat.

When it comes to financial support from the government, which has proven a lifeline for many tradespeople, three in five (60%) have been able to apply for a government grant or loan, helping to relieve some of the financial pressure they’re facing.



Looking ahead, the study also revealed how those within the sector feel about life after coronavirus – with two in five (41%) worried about losing customers or jobs in the longer term.

But despite these challenges, a quarter (24%), said they still felt optimistic about their business after coronavirus. One in 10 (10%) even feel confident enough to start a new business.


 “No business has been able to escape the impact of Covid-19. Self-employed tradespeople and small businesses are the lifeblood of the economy, yet with the risk of permanent closures, so much is at stake for our local communities and wider economy.”

– Alan Thomas 

UK CEO, Simply Business


Inspired by resilience

“Tradespeople and those in the construction industry have been hit hard and despite being one of the first industries allowed to return to work, it’s clear that for many the damage has already been done.

 “Small business and the self-employed hold the key to how well we’ll be able to recover from the economic impacts of coronavirus. Time and again their determination has kick-started the UK’s recovery and we’re inspired by their resilience.”

Picture: The free Financial Support Checker will works via a simple questionnaire that points towards relevant government financial support. To access it - Click Here  


Article written by Cathryn Ellis
16th July 2020


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