Member Article

Simon Dolan launches campaign to get Covid-19 loans scrapped for SMEs

Businessman Simon Dolan is today calling on the Government to scrap the payback of emergency Covid-19 loans taken out by crisis-hit SMEs.

Simon, who throughout 2020 sought two Judicial Reviews of the Government’s lockdown measures, is now focusing his efforts on supporting UK businesses by securing them a road to recovery out of the crisis.

This comes after the FSB (Federation of Small Businesses) warned at least 250,000 companies with fewer than 50 staff will fold on account of falling sales and rising debt. This would be in addition to the estimated 230,000 SMEs which have already ceased trading on account of the pandemic.

To date, the Government has given out £68.2 billion in loans to over 1.5 million SMEs. Writing these off would cost less than half of what is cost to bail out the banks after the 2008 crisis.

A Fighting Back for Business website has been launched, as a hub for SMEs who have tirelessly fought to stay afloat throughout the crisis and who wish to campaign for their Covid loans to be scrapped.

Simon comments: “SMEs are the backbone of the economy and it’s been astonishing to see how admirably they have dealt with the crisis. Time and time again these businesses have dusted themselves off and started again, constantly adapting their business models to keep operating in the most challenging of circumstances. S

With the 12-month interest-free period about to come to an end in March, businesses already hanging by the skin of their teeth are about to be hit with the additional burden of cumbersome monthly repayments.“

This was posted in Bdaily's Members' News section by Nathan Stennett .