Small firms need more help

Small firms need more support - FSBSmall firms need additional support to get them through the latest coronavirus restrictions, the Federation of Small Businesses (FSB) has warned. While Office for Budget Responsibility figures show that the Government has provided support totalling £34.4bn and small firms have taken bounceback loans totalling £43.5bn, FSB chairman Mike Cherry has written to Chancellor Rishi Sunak to warn that "fresh restrictions have brought renewed disruption and financial pressure for the many small businesses affected". The business group has called for a new ‘revenue loss scheme’ that would reimburse small businesses for a significant loss in custom; a second round of £10,000 one-off grants; plus targeted grants of up to £25,000 for small firms in retail, hospitality and leisure. Mr Cherry has also called for greater flexibility, including a "student loans approach, which means that loans are only paid when the company is profitable".