COVID-19 | Swoop UK

The government’s new Covid-19 support measures

Businesses all over the globe are bearing the brunt of the collapse of economic activity as we all grapple with the impact of the coronavirus pandemic. You might be one of the many businesses who were forced to close during the lockdowns. Or you might be soldiering on with substantially lower turnover.

Like us, you’ll be keeping track of the various measures that the UK government is introducing to support businesses like you (and sole traders) who are now facing uncertainty around what comes next. We welcome the government’s new Recovery Loan Scheme, which has replaced the previous government guarantee schemes. The super-deduction tax relief could allow your business to claim back 25p for every pound you invest in ‘qualifying’ machinery and equipment for two years from 1 April 2021. And your business might also be eligible for a Restart Grant if you’re in either the retail, leisure and hospitality businesses.

In the Budget on 3 March 2021, Rishi Sunak also pledged another £375 million for the Future Fund – now known as the Future Fund: Breakthrough – to support high-growth sectors such as life science and clean tech.

You might be wondering how you can take advantage of these government support measures, or you might want to find out about the non-government lending, grant and investment options available to your business. Helping you navigate the funding landscape to match you with funding and savings is what Swoop does every day. Thankfully this puts us in the best position possible to help you at this difficult time.

We’ll keep this page updated at all times to ensure you have access to all the information and insights you need, without drowning you in jargon and detail.

We’ve split our COVID-19 guidance into three main sections below.

A summary of the government-backed support for businesses impacted by coronavirus

Swoops’s ten steps to improving your cash flow and working capital immediately

Frequently-asked questions about the COVID-19 government-backed support for businesses

There is a lot of information in the three sections above. So to be clear, here’s how we’ll help:

We can identify and match you with funding and savings options now, based on your specific circumstances.
We’re here to provide guidance, and our services are free of charge.
We can identify other ways to cushion your cash flow.
We can help you make immediate savings on your everyday spend.
We can help you to access the CBILS and other support for which you are eligible.

The most important thing you can do now is to register for your free account with us. But we’re human too, and we’re here to speak to our customers – both existing and new – and provide straight-talking information and options.