Given hair salons don’t look likely to open until 12 April at the earliest, what will happen with the various government support packages?
Over the last few months, the combined effect of the lockdown and the vaccination programme has had a dramatic impact on the transmission of coronavirus around the UK. As a result, the government has now announced their plan to take us out of lockdown and the timescales involved in making that a reality.
While certain restrictions will be lifted earlier, it seems that hair salons and those working in the beauty industry won’t be able to open until at least 12 April. While it offers some hope, it will also cause some concern to those businesses that are facing financial hardship now.
It is worth underlining that there is still support available for businesses. If you applied for a small business bounce back loan earlier in the pandemic but didn’t take the full amount available to you, you can top up your loan to the maximum amount available. However, this must be done before the 31st March 2021.
Another date that will be watched closely by the business community is 3 March when the Chancellor announces his Budget.
It is widely expected that the Chancellor will extend a number of protections brought in last year, including business rates relief and the furlough scheme. It is anticipated these will both be extended until the summer, providing some extra breathing room.
If you only use one commercial property or your properties ratable valuable is under £15,000, you can also still apply for small business rate relief through your local council.
If you’re not sure if you qualify for relief it is still worth speaking to your local council to establish if any extra support is available to help see you through this period until salons can reopen again.
Finally, if you are considering funding for your business, Stephensons has recently launched a “Funding Desk” on its website . This is designed to help you source the most appropriate finance for your business and can help navigate your way through the many and various funding solutions in the marketplace.
Neil Marshall is Business Development Manager at Stephensons