Financial Assistance Through COVID-19

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On the first budget of this year and further subsequent announcements, the UK government announced an unprecedented package of financial aid for both individuals and businesses experiencing financial difficulties due to Covid-19 – A raft of resources and legal powers were put in place to support this.

However, with so many sources of news (some reputable and others less so) trying to keep people up to date and informed during the current pandemic, it’s easy to miss the salient points. Many are trying to limit over-exposure for their mental wellbeing and as such may be missing out on key information and support that is available at this time.

To help clear the waters and clarify exactly what help is out there, the following table breaks down what you and/or your business can expect in terms of tax, loans, salary and benefits assistance.

 

Whilst the government can supply aid, it is also worth considering your employees financial wellbeing holistically to see what assistance your business can also provide and how it will provide value – Employees may require help to navigate processes and procedures to obtain help and may also benefit from personalised financial advice at this time.

If you want the latest information on the government’s COVID-19 Action Plan you can go here: www.gov.uk/government/publications/coronavirus-action-plan or connect with Morrinson Wealth Wellbeing today for further information on our financial education programmes and COVID Financial Planning Webinars – [email protected] / www.morrinsonwellbeing.co.uk

About the Author

Hannah–Rebecca Findlay has an extensive background working within the financial services industry. Having spent over 3 ½ years working in private wealth management, she is adept at helping people manage their finances. Currently Operations Manager for Morrinson Wealth Wellbeing, Hannah is passionate about financial education and empowering people; through assisting organisations to increase the financial wellness of their employees (and in turn improve their bottom line).

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