{"id":132,"date":"2020-08-18T14:40:00","date_gmt":"2020-08-18T14:40:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/10000-smes-apply-for-business-boost\/"},"modified":"2025-12-17T15:05:35","modified_gmt":"2025-12-17T15:05:35","slug":"10000-smes-apply-for-business-boost","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/10000-smes-apply-for-business-boost\/","title":{"rendered":"Over 10,000 SME owners apply for SME recovery grant as coronavirus takes toll on small businesses"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-no-margin hero-bg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained has-background\" style=\"padding-top:var(--wp--preset--spacing--150);padding-bottom:var(--wp--preset--spacing--150);background-image:url(&apos;https:\/\/www.simplybusiness.co.uk\/wp-content\/themes\/simply-business-uk\/assets\/images\/faq-bg.png&apos;);background-size:cover;\">\n<h1 class=\"wp-block-heading has-text-align-center has-azure-700-color has-text-color has-link-color has-max-huge-font-size wp-elements-e0f96a74d2d394836255c79e6f4f0fbd\">Over 10,000 SME owners apply for SME recovery grant as coronavirus takes toll on small businesses<\/h1>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Over 10,000 SME owners apply for SME recovery grant as coronavirus takes toll on small businesses<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Over 10,000 SME owners have applied for a single \u00a310,000 Business Boost grant as Covid-19 takes its toll financially on small businesses<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Covid-19 has had a significant impact on SME owners, with a recent study showing two thirds (67%) were forced to stop trading temporarily and an estimated 234,000 permanently shut down<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Small business owners can still apply for the Business Boost grant&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/business-boost\/\" data-type=\"page\" data-id=\"354\">here<\/a>. Applications are open until Monday 28 September<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Over 10,000 SME owners have applied for a single \u00a310,000 Business Boost grant from insurer Simply Business, as the coronavirus continues to take its toll financially on small businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Simply Business launched the grant at the beginning of 2020 to help give a boost to small businesses, but saw a wave of applicants in grave need of financial help after lockdown hit. It comes as many SMEs have found themselves unable to access enough government support, or any at all.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Coronavirus has had a significant impact on the self-employed. A recent study of over 3,700 small business owners by Simply Business found that two thirds (67%) were forced to temporarily stop trading, and an estimated 234,000 SMEs have already shut down.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SMEs also estimate that Covid-19 will cost them \u00a311,779 each on average, in lost work, loan repayments and lost earnings. With over 5.8 million SMEs in the UK, accounting for over 99% of all businesses, the total cost to UK SMEs could reach over \u00a369 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two-fifths (41%) are also at risk of having to permanently close their business \u2013 and this is even before a second lockdown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Small business owners can still apply for the Business Boost grant&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/business-boost\/\" data-type=\"page\" data-id=\"354\">here<\/a>. Applications are open until Monday 28 September and the shortlist will be announced by 9 October The winner will be announced in early November.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bea Montoya, COO at Simply Business, commented:<\/strong>&nbsp;<em>\u201cWe\u2019re astonished by the number of applications we\u2019ve received for our Business Boost grant. We know the devastating impact Covid-19 has had on small businesses, with lockdown costing them \u00a311,700 each on average. Almost half expect to lose up to \u00a310,000, which can be a significant amount of money for the self-employed.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cSMEs account for 99% of all UK businesses, and contribute a combined \u00a32 trillion annually. Put simply, we need small businesses to bounce back if we\u2019re to recover economically.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cThat\u2019s why we&#8217;re giving away \u00a310,000 to one entrepreneur \u2013 to help them start or revive their business, providing a financial boost in these economically challenging times.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cThankfully, the self-employed are resilient. We know that 75% intend to continue or restart their business, while a further 10% even plan to take the leap and start a new one. We\u2019re hoping that our \u00a310,000 Business Boost grant will enable the big dreams of one entrepreneur, and give them the financial help they need during these difficult times.\u201d<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">-Ends-<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Notes to editors:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4% of total number of SMEs in UK (5,860,000) = 234,400 House of Commons Briefing Paper, Number 06152, Dec 2019, Business Statistics<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Methodology: Data: Survey of 3,734 small business owners from across the UK, conducted May 2020<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How did we calculate the \u00a369 billion figure? 100% of small business owners surveyed reported being affected financially by the coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We asked small businesses how much they estimate the coronavirus pandemic will cost them in total, including lost earnings, jobs and revenue. The weighted average of this cost is \u00a311,779.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a311,779 multiplied by the number of SMEs in the UK (5,860,000) = \u00a369,024,274,091.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">For further information, please contact:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Frank PR<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"mailto:SimplyBusiness@welcometofrank.com\" target=\"_blank\" rel=\"noreferrer noopener\">SimplyBusiness@welcometofrank.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-block-block\">About Simply Business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__http:\/simplybusiness.co.uk__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CgxPfLGQ$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply Business<\/a>\u202fis one of the UK\u2019s biggest business insurance providers, specialising in public liability insurance for small and midsize enterprises. Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,200 people across offices in London and Northampton, UK; and in Boston, Massachusetts; and Atlanta, Georgia, in the U.S. Owing to the insurance provider\u2019s internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types \u2013 ranging from plumbers to accountants to dog walkers.\u202fIts UK brand campaign \u2013 \u2018<a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__https:\/www.simplybusiness.co.uk\/campaign\/small-businesses-deserve-our-best\/__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CxklTDMU$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply The Best<\/a>\u2019 \u2013 aims to help UK small businesses feel \u2018the best\u2019 about their business insurance.<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-800-color has-cyan-100-background-color has-text-color has-background has-link-color wp-elements-101cbde2ee0c57c7d6d0d48cbb8134b8 has-global-padding is-layout-constrained wp-container-core-group-is-layout-80fb368b wp-block-group-is-layout-constrained\" style=\"border-radius:8px;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"has-text-align-center wp-block-paragraph\">We create this content for general information purposes and it should not be taken as advice. 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grant from insurer Simply Business, as the coronavirus continues to take [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":28050,"parent":131,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_faq_schema":"","sb_phone":"","sb_header_url_text":"","sb_secondary_logo":0,"sb_secondary_logo_url":"","sb_show_primary_cta":true,"sb_primary_cta_text":"","sb_primary_cta_url":"","sb_show_secondary_cta":true,"sb_secondary_cta_text":"","sb_secondary_cta_url":"","sb_show_contact_cta":true,"sb_contact_cta_id":"","sb_primary_cta_id":"","sb_secondary_cta_id":"","sb_no_sticky_header":false,"sb_show_last_updated_date":"","sb_enable_replacement_text":false,"sb_replacement_h1":"","_sb_hreflang_stale":false,"footnotes":""},"hidden-category":[],"import-page-type":[],"coauthors":[50],"class_list":["post-132","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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