{"id":181,"date":"2021-03-22T14:42:00","date_gmt":"2021-03-22T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/cost-of-covid-one-year-on\/"},"modified":"2025-12-17T14:49:20","modified_gmt":"2025-12-17T14:49:20","slug":"cost-of-covid-one-year-on","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/cost-of-covid-one-year-on\/","title":{"rendered":"Covid-19 one year on: Cost to UK SMEs to exceed 126.6 billion, double last year&#8217;s projection"},"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-7c0e0cbfe7cb3269bb043a2634b41e3b\">Covid-19 one year on: Cost to UK SMEs to exceed 126.6 billion, double last year&#8217;s projection<\/h1>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Covid-19 one year on: Cost to UK SMEs to exceed 126.6 billion, double last year&#8217;s projection<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">New data reveals the impact of Covid-19 to UK SMEs is set to exceed \u00a3126.6bn \u2013 nearly double the \u00a369bn initially projected a year ago<\/li>\n\n\n\n<li class=\"wp-block-list-item\">SMEs have lost \u00a315,673 so far on average, but expect total cost to reach \u00a322,461, suggesting losses will continue for some time yet<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Over 840,000 SMEs don\u2019t believe their business will ever return to pre-pandemic levels<\/li>\n\n\n\n<li class=\"wp-block-list-item\">81% feel they haven\u2019t had enough government support, and over 2.2 million still haven\u2019t been able to access government support or grants.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Approaching the anniversary of the first national lockdown, a new report reveals the cost of Covid-19 to UK SMEs is set to exceed \u00a3126.6 billion \u2013 nearly double the \u00a369 billion initially projected a year ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The study by small business insurance provider Simply Business revealed that on average, SMEs have lost \u00a315,673 each so far in earnings due to the pandemic and subsequent lockdowns, up from the \u00a311,779 small business owners initially estimated that Covid-19 would cost in May last year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The financial impact on SMEs<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A year into the global pandemic, SMEs now fear they will lose a total of \u00a322,461 each on average, suggesting there are still more losses to come. Almost one in 10 (8%) expect the pandemic to cost them over \u00a350,000 in total.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s more, over 840,000 SMEs are not sure their business will ever return to pre-pandemic trading levels, bringing a huge blow to both the small business community and the UK economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With six million SMEs in the UK, accounting for over 99% of all businesses, 33% of employment and 21% of all economic turnover, the total cost of Covid-19 to UK SMEs \u2013 set to exceed \u00a3126.6 billion \u2013 has the potential to send ripples through our economy and communities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A lack of government support?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, 81% of SMEs still say they haven\u2019t had enough support from government \u2013 with 41% saying they don\u2019t feel supported at all and 40% believing they\u2019ve had some support but not enough.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In terms of financial support, over 2.2 million SMEs (37%) still haven\u2019t been able to access government schemes and grants, seen by many as a lifeline to help small businesses through the pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For those that have been able to access government support, a third (33%) have been able to receive the Self-Employed Income Support Scheme, a quarter (26%) have utilised the Bounce Back Loan Scheme, and one fifth (18%) have accessed the Local Restriction Support Grant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So far, only one in 20 (5%) have been able to make use of the business rates holiday, and just 3% have been able to use the Coronavirus Business Interruption Loan Scheme. Despite the government offering a range of financial schemes to support small businesses, it\u2019s clear that many haven\u2019t been able to access the vital help needed for their recovery.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What small businesses needed from government<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well over two fifths (46%) of SMEs believe the government should have offered a wider range of financial support schemes \u2013 highlighting how difficult small business owners have found it to access the schemes on offer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One quarter (24%) believe finance should have been released quicker, and the same number feel there should have been greater communication and transparency from the government about the impact on small businesses and the self-employed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A further 23% of SME owners also believe there should have been more clarity around restriction and regulations within their industry, and one in 10 (9%) think the applications should have been easier to fill out.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Emerging from lockdown<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, roughly half (54%) of SMEs believe the government\u2019s roadmap out of lockdown has given them some level of reassurance to start planning the future of their business \u2013 leaving 46% still uncertain in the coming months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In recouping the money lost during the pandemic, the majority predict it will take anywhere from 18 months to two years (18%), or two to three years (20%) to get back the money lost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One in five (20%) think three years or more, meaning they might not return to pre-pandemic levels until 2024 or later.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to returning to pre-pandemic levels of trading, over 860,000 SMEs (14%) are not sure that their business will ever return to pre-pandemic trading levels, but others are more optimistic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A quarter (25%) believe they will return to pre-pandemic levels by spring or summer 2022. Well over a tenth (14%) think faster, and predict they\u2019ll be back to normal trading levels by the end of this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, over half (53%) of SMEs remain concerned about their business\u2019 future, but hope to survive until the end of 2021.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alan Thomas, UK CEO at Simply Business, comments:<\/strong>&nbsp;<em>\u201cNo business, big or small, has been able to escape the impact of the Covid-19 pandemic \u2013 with 12 months of restrictions, lockdowns, and uncertainty always likely to take its toll.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cThe scale of the impact across this last year felt by the self-employed is abundantly clear in our latest research. Covid-19 will cost SMEs an estimated \u00a3126.6 billion \u2013 double what owners predicted it would cost them when asked a year ago.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWith six million SMEs in the UK \u2013 accounting for over 99% of all businesses, 33% of employment and 21% of all turnover \u2013 this \u00a3126.6 billion hole in the books of small businesses is a huge blow to the economy.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cBeyond the unquestionable economic hit, we should also recognise that behind each of these small businesses is a small business owner \u2013 each with families, livelihoods, and dreams. The impact of the pandemic on so many of these individuals has been devastating, both financially and emotionally.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWhile the government support packages have proven a lifeline to many small businesses through the pandemic, our research reveals that 81% of self-employed people feel it hasn\u2019t been enough \u2013 with over two million SMEs unable to access any financial support.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cYet in all of this, we have seen countless examples of the resilience, resourcefulness, and creativity that we have come to associate with the UK\u2019s small business owners.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cInsuring over 450,000 small businesses \u2013 from plumbers to accountants to restaurants \u2013 has allowed us to see first-hand the impact on this audience, and the impressive way in which they\u2019ve responded. As we emerge from what is hopefully the worst of the pandemic \u2013 with SMEs across the country looking to kickstart their operations \u2013 it is important that we all support small businesses, knowing that they will be crucial to our collective recovery.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Simply Business has launched a&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/general\/coronavirus-loans-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"979\">Covid-19 support hub<\/a>, to help small businesses, landlords and the self-employed to quickly navigate uncertainty, and determine what financial support and schemes are available to them during the coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Their&nbsp;<a href=\"#\">financial support checker tool<\/a>&nbsp;takes business owners just a few minutes to complete and will point them towards relevant government financial support.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">-End-<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Methodology:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data: Survey of 1,206 small business owners from across the UK, conducted March 2021<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Previous survey from last year: 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 \u00a3126.6 billion figure? March 2021: 94% of SMEs surveyed say Covid-19 has\/will affect them financially<\/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 \u00a322,461<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">94% of the total no. of SMEs in the UK (6 million), multiplied by average projected total cost (\u00a322,461) = \u00a3126,680,040,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How did we calculate the \u00a369 billion figure? May 2020: 100% of small business owners surveyed at the time 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 at the time of the survey (5.8 million) = \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<br>+44 20 7693 7433<br><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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exceed 126.6 billion, double last year&#8217;s projection Covid-19 one year on: Cost to UK SMEs to exceed 126.6 billion, double last year&#8217;s projection Approaching the anniversary of the first national lockdown, a new report reveals the cost of Covid-19 to UK SMEs is set to exceed [&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-181","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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