Impact of Small and Medium Enterprises (SME) post Covid situation - Phdassistance.com
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IMPACT OF SMALL AND MEDIUM ENTERPRISES (SME) POST COVID SITUATION An Academic presentation by Dr. Nancy Agens, Head, Technical Operations, Phdassistance Group www.phdassistance.com Email: [email protected]
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Impact of Small and Medium Enterprises (SME) post Covid situation - Phdassistance.com
Small and medium Businesses (SMEs) in the UK seemed to be doing well in 2020. Britain had a majority Government in the UK. We have witnessed some positive effects of the Brexit as business confidence started to move up. However, after Covid-19's growth, Economy started to collapse, production chains stalled or disrupted, and company revenues declined or in many cases entirely stopped.
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Transcript of Impact of Small and Medium Enterprises (SME) post Covid situation - Phdassistance.com
IMPACT OF SMALL ANDMEDIUM ENTERPRISES(SME) POST COVIDSITUATION
An Academic presentation byDr. Nancy Agens, Head, Technical Operations, PhdassistanceGroup www.phdassistance.comEmail: [email protected]
In Brief
Covid-19 Challenges that SMEs are Facing
Ways SMEs can Offset the Impact of Covid-19
Programs and Initiatives that are of no Interest to the SMEs
Conclusion
Outline
TODAY'S DISCUSSION
Small and medium Businesses (SMEs) in the UK seemed to be doing wellin 2020. Britain had a majority Government in the UK. We have witnessedsome positive effects of the Brexit as business confidence started to move
up. However, after Covid-19's growth, Economy started to collapse,production chains stalled or disrupted, and company revenues declined or
in many cases entirely stopped.
In Brief
Handle cash resources while the profits have declined.
Coping with fragmented supply chains and logistics problems have ensured thatSMEs are investing considerable time investigating vendors to determine the keygaps in the ecosystem.
Knowing about their responsibilities to the staff as supervisors, such as bettermanaging the delivery of Personal Protective Equipment ( PPE) to their staff andencouraging employees operating from home.
Covid-19 Challenges that SMEs are Facing
Contd..
SMEs needed to extend their usage of technologies to boost internet connectivityand enable staff to conduct their everyday activities after the new laws of the UKGovernment on citizens operating from home came out.
Guidance from the UK Cabinet Office says firms who do not obey the steps will bepressurized to close.
Another problem confronting SMEs is growing illness, where absence of staff willplace more strain on other workers to work extra hours to support those who are ill.
The workers who work from home
Working out redundancies
Reducing the hours/shifts of workplace vacancies
Shutting down their office or temporarily closing down their operation.
The UK Government declared that their People's Employment and Wages Program would: securethe livelihood of families; offer more affordable assistance to all who are unemployed; improve theSocial Network; and enable families to live at home. However, several companies have also embraced the following:
Ways SMEs can Offset the Impact of Covid-19
CORONAVIRUS JOB RETENTION SCHEME: those UK workers having a PAYE planbeginning on or before 28 February 2020 should be entitled to receive 80 % of theirnormal monthly payroll expenses up to £ 2,500 a month.
DEFERRING VAT AND SELF-ASSESSMENT PAYMENTS: The report to 31 March 2020indicates payment-on-account delays. It slows improvements to the Make Tax Digital(MTD) for VAT control in the UK Government process.
ACCESSING THE HMRC TIME TO PAY SCHEME: their goal is to deal with taxes andgives all UK SMEs who would join this system, the opportunity to create a defined debtreduction program for a negotiated time period.
Programs and Initiatives that are of noInterest to the SMEs
Contd..
STATUTORY SICK PAY RELIEF: UK SMEs having 250 plus employees as of 28February 2020 are allowed to access this program.
HAVING A 12-MONTH BUSINESS RATES HOLIDAY: this is for the UK food, leisure,entertainment, and nursery businesses, that will be entitled to join this program.
USING GRANT FUNDING: it offers £ 25,000 to food, retail, and amusement businesses.
SME GRANT FUNDING: enables British companies to use up to £ 10,000 in dutyreduction or local cost reduction.
Contd..
CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME: Offers loans of upto £ 5 million via the British Business Bank to SMEs with annual turnover notcrossing £ 45 million.
A NEW LENDING FACILITY: helping companies mitigate disruption to their cashflows from coronavirus by Bank of England loans. Industries that make asubstantial difference to the British economy would be able to join this program.
Therefore, UK is ready to curb some of their Economic woes caused byCorona virus.
The programs that I have mentioned above are intended to supportUK’s SMEs to mitigate the existing Covid-19 effect and help thembrace for the long-term market effects of this pandemic.
Conclusion
