Tide launches Coronavirus Government Support Eligibility Checker

via FinTech Futures

UK business banking platform Tide has launched its Coronavirus Government Support Eligibility Checker to help small and medium-sized enterprises (SMEs) get access to the financial aid they need during this time of crisis.

Tide has been contacted by a huge number of business owners stating their confusion about the financial support the government has announced, including what they are eligible for and how they can apply.

The Coronavirus Government Support Eligibility Checker will help SMEs to identify the financial help available to them and point them in the right direction to access that support.

he Eligibility Checker is available for free on the Tide website and via the Federation of Small Businesses (FSB)’s website, as an addition to FSB’s established commitment to increasing its members’ access to finance.

Tide’s research revealed that three quarters (75%) of the UKs SMEs had already been negatively impacted by the COVID-19 crisis by the end of March 2020, with a quarter (24%) stating that their revenue has dropped by 100% since the government lockdown came into force. Rapid access to funding is therefore crucial to these businesses’ survival.

“The COVID-19 crisis will have a severe and potentially long-term impact on the UK’s SME community and so it is crucial that we do all we can to help as many small businesses weather this storm as possible,” says Oliver Prill, Tide CEO.

“The UK government has announced a very generous package of measures to give financial support to SMEs, however the distribution of these funds is unclear and is not happening quickly enough. Tide is dedicated to serving the SME sector and so we hope the COVID-19 Business Support Finder will help business owners to get the help they need,” he adds.