COVID 19 has brought several changes in the business world, which has negatively affected entrepreneurs. When coronavirus struck, the UK government locked down most normal activities, affecting businesses in a big way. David Azzato noted that the UK government leadership had to develop strategies to equip the business people in the nation who have been affected by the effects of the virus.
The entrepreneurs who had dividends fund their livelihoods since they were not getting any income from their businesses. Since the government announced the lockdown, it had to provide schemes that would fund all those whose lives had drastically changed due to the COVID-19 pandemic. Therefore, all people who owned businesses got help from the government.
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The government provided loans to entrepreneurs, which they were to pay after they were back to their feet. The loan repayment rates were also friendly so that the business people could not struggle to pay once their businesses were back to normal. The UK government gave out loans to entrepreneurs in all parts of the nation. The government also gave out the job retention loan, which the business people would use to continue paying salaries within the period.
Entrepreneurs received reliefs that exempted them from paying some taxes and business rates. David Azzato reiterates that all interested parties had to apply for the loans by the end of January 2021. Only people who had businesses in the UK were eligible to apply according to the government policy. For one to apply, their businesses must be victims of the COVID-19 pandemic. Entrepreneurs were required to apply for a loan based on the kind of challenges faced by their businesses during unprecedented times. They had an option to borrow the term loan payable after a certain flexible period.
David Azzato also explained to business people that there was the option to request overdrafts, which they would use to get cash to use for short periods. The government also provided funds that entrepreneurs could use to acquire assets for their businesses. Business owners could also get invoice financing from the government if they had customers who had some pending debts.
Business people got help from the government from the different schemes it provided. However, people who only got income from dividends got zero support from the government. The UK government officials also offered help to self-employed individuals and those working in the different firms affected by the coronavirus.