With the Government’s 100% business rate relief ending today, many small businesses are calling for an extension to the deadline
SMEs in the UK are likely to experience hardships. This comes as Metro Bank estimates that only 39% of SMEs have seen an increase in revenue even after the ease of COVID-19 restrictions.
The government has also reduced the 100% business rate relief to 66%. However, 46% of small enterprises in the UK can barely contribute the business rates. 39% of SMEs have seen an increased revenue since the pandemic restrictions were eased in mid-May while 18% have experienced a decline in their revenues.
32% of SMEs, which is approximately two million enterprises in the UK, have seen significant gains from the business rate holiday. 71% have attributed the benefits to helping keep the businesses operating.
However, some small enterprises (12%) were started in March following the identification of a gap in the market or having more time to run a business. This increase was predominant in the manufacturing, healthcare and utilities sectors.
This shows that small enterprises in the UK are still experiencing challenges since the onset of the pandemic. Most need patience as well as financial support to keep them on their feet.
We’ve reported that businesses in Kenya are reporting positive results amid coronacrisis.