This week Rishi Sunak announced his summer statement and outlined how he intended to continue to support small and medium business owners as the country continues to struggle in the wake of the COVID-19 lockdown.
The SME club surveyed members to find out what small and medium (SME) business owners in the UK really thought of the new scheme and if the £1000 grant would actually mean an increase in job retention or not.
The chancellor announced a £9bn initiative to reward small and medium businesses in the UK that take furloughed employees off furlough and bring them back into work. Any SME in the UK that is able to take back a furloughed employee into their business as the reopen will be given a £1,000 grant for each worker. The caveat on this is that this employee providing must still be employed by the end of January and they must have been continuously employed earning a minimum of £520 per month from November to January.The chancellor added: “If you stand by your workers, then we will stand by you.”
The SME club members surveyed where small business owners across the UK and working in a variety of sectors. Out of the business owners polled only 20% thought the grant would make a difference and might save some jobs in their companies. 38% of business owners polled said 'no' the grant would not help them save any jobs and a further 39% said it simply wasn't enough. 3% of business owners thought it may help but weren't sure if it would actually save any of their employees jobs.
The SME club has been campaigning to help small business and the #excludedUK and #forgottenltd directors of so many UK SMEs. Our members are offered support, advice, experts and discounts from suppliers to help them survive this pandemic. The club also helps SMEs by promoting members across the network to increase contacts and clients.