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Fuuu... gonna have to hope there is serious small business relief coming or low interest startup loans or something
rhowe-
As far as I can see there are grants of 10-25k depending on the rateable value of the property.
I switched from a fixed office to a mix of WFH/shared office things at the end of last year, so not personally eligible.
The loans they're offering seem like a terrible idea given a future in such flux, no matter the low rate of interest.
All our clients have cancelled ongoing projects (8 shoots / 25 odd edit days worth 40-50k since January as well as everything we had booked in for the next few months).
We no longer have very high overheads and our tax liability is covered for a while but we also have zero work/prospects.
As a (mortgage saddled) homeowner, I'm not sure what, if any, Universal Credit we're entitled to. UC seems a particular minefield given the already fluctuating nature of self-employment.
Mortgage holiday will help if approved but there's still utilities / vehicle tax / MOT etc. Well aware of comparative privilege and that despite a lack of toilet paper we still have a roof over our heads for the next few months at least. But I'd say the business is dead after 5+ years of trading.
CYOA
Not posting this out of self pity as I am perfectly aware of how privileged I am.
However, early this year I stumped up the lions share of my life savings to launch a business venture that I have been planning for over 5 years. Just felt like the right time to do it.
The arse has fallen out. Several of the suppliers I depend on are not going to exist soon. I have no income and will likely lose a very significant amount of money that will have a big impact on me for years to come.
I'll claw my way back to where I was before but this is a real hammer blow. I had my heart set on making a success of this.
My brother launched a new hotel and hospitality company in January. Dead in the water already.
Multiply our stories by several million business owners and that's where we are.
All I can do is hold out hope that I'll be able to save something back and give it another go when the dust settles. This is not good for my crippling anxiety.