{"id":220,"date":"2020-05-28T14:42:00","date_gmt":"2020-05-28T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/sme-confidence-report\/"},"modified":"2025-12-17T15:09:31","modified_gmt":"2025-12-17T15:09:31","slug":"sme-confidence-report","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/sme-confidence-report\/","title":{"rendered":"Coronavirus set to cost SMEs over \u00a369 billion"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-no-margin hero-bg has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"background:linear-gradient(180deg,rgb(255,255,255) 0%,rgb(243,243,243) 100%);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-76c65696b8ddd356032c83d7744f3f42\">Coronavirus set to cost SMEs over \u00a369 billion<\/h1>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Coronavirus set to cost SMEs over \u00a369 billion &#8211; with two fifths at risk of permanently closing<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Impact of coronavirus to SMEs in the UK estimated to exceed \u00a369 billion, with two fifths at risk of permanently closing<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Poll of 3,700 UK SMEs reveals an estimated 234,000 SMEs have already shut down, while two thirds (67%) have temporarily ceased trading<\/li>\n\n\n\n<li class=\"wp-block-list-item\">As well as government support, SMEs are borrowing from friends and family, using credit cards and taking out private bank loans \u2013 and have concerns about paying back borrowed money<\/li>\n\n\n\n<li class=\"wp-block-list-item\">However, in a boost to UK economic prospects, 75% believe they will begin trading again soon and one in 10 (10%) are confident they\u2019ll start a new business<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Simply Business has launched a free&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/general\/coronavirus-loans-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"979\">Financial Support Checker<\/a>&nbsp;to help small businesses and the self-employed to quickly determine what financial support and schemes are available to them during the coronavirus pandemic<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The impact of coronavirus to SMEs in the UK will exceed \u00a369 billion, with two fifths at risk of permanently closing, according to a new report by small business insurer Simply Business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SME Confidence Report spoke to 3,700 SMEs across the UK and found that SMEs estimate COVID-19 will cost them \u00a311,779 each on average \u2013 including lost work and lost earnings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With over 5.8 million SMEs in the UK, accounting for over 99% of all businesses, this amounts to a cost of over \u00a369 billion across the UK.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not only this, but two fifths (41%) of small business owners fear their business is at risk of permanently closing due to the pandemic. Well over a tenth (14%) believe they\u2019re likely to close within 1-3 months, one in 10 (12%) within 3-6 months, and another one in 10 (11%) within 6 months \u2013 1 year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The study also revealed that 4% of small business owners state they have already permanently ceased trading due to the pandemic \u2013 amounting to an estimated 234,400 SME closures across the UK.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Impact to SMEs<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While the report shows that all SMEs surveyed have been affected by coronavirus, the impact has been felt in a number of different ways.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over two thirds (67%) have had to temporarily stop trading. Meanwhile, more than a quarter (28%) are earning less money and one in five (21%) are operating as usual but have lost work (e.g. contracts paused or cancelled, fewer customers).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A further 17% say they\u2019re unable to work and are not eligible for furlough.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Top SME concerns<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to the specific concerns of small business owners, almost half (49%) say they worry about losing customers or jobs due to coronavirus, and a further third (36%) are concerned about running out of money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One in 10 (12%) worry about going bankrupt, a further tenth (10%) are concerned about being able to pay back government support taken out during coronavirus, and one in five (20%) worry about being able to pay back money borrowed from friends and family or private loans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Financial help<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The research also showed that SMEs have been receiving financial support from a number of sources. A third (35%) have borrowed from friends or family, over a fifth (22%) have used credit cards, and just under one in 10 (8%) have taken out wider or private bank loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In terms of support, three in five (58%) SMEs feel supported by the government \u2013 with over half (56%) saying they\u2019ve been able to successfully access government support, and just under half (47%) mentioning that it was easy to find.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cause for optimism?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SMEs are vital to the UK\u2019s economic prospects, and it is encouraging to see clear signs of stoic resilience within this community.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over a fifth (22%) report feeling optimistic about life after coronavirus and three quarters (75%) believe they will continue or restart their business after coronavirus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, one in ten (10%) feel confident they\u2019ll start a new business \u2013 showing that despite the current pressures and wider economic uncertainty, many small businesses remain hopeful about the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alan Thomas, UK CEO at Simply Business, commented:<\/strong>&nbsp;<em>\u201cNo business has been able to escape the impact of the pandemic \u2013 and that\u2019s no different for small businesses and the self-employed. Yet they are the lifeblood of the economy, and with many of these at risk of permanent closure, so much is at stake for our local communities and wider economy.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cWhile it\u2019s an undeniably challenging period for those running a small business, we know entrepreneurs have always shown resilience in abundance. And it\u2019s hugely encouraging to see that this remains the case \u2013 with three quarters planning to continue or restart their business and a further 10% planning to start a new venture in the coming weeks and months. We\u2019re inspired by their optimism and resourcefulness and believe this will only grow as we continue through the phases of lockdown.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cAt Simply Business, we insure over 400,000 of these small businesses \u2013 from plumbers to accountants to dog walkers. And this means we\u2019ve witnessed first-hand how hard many of them have been hit by coronavirus. We want to support every small business in weathering this storm, knowing that they play such a vital role in our economy.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cFinancial support has been vital in keeping small businesses going but with so many new government loans and support schemes available, it can be confusing for owners to locate what they\u2019re eligible for. That\u2019s why we\u2019ve created a free tool to make it easier to access the wide range of financial support \u2013 both from the government and beyond. It takes just a few minutes to complete, and then instantly signposts a business owner to the loans, grants or other schemes they could be eligible for, and where to go to access them.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Simply Business has launched a free&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/general\/coronavirus-loans-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"979\">Financial Support Checker<\/a>&nbsp;to help small businesses, landlords and the self-employed to quickly determine what financial support and schemes are available to them during the coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A simple questionnaire takes business owners just a few minutes to complete and will point them towards relevant financial support.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">-Ends-<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Footnotes:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">See methodology<\/li>\n\n\n\n<li class=\"wp-block-list-item\">House of Commons Briefing Paper, Number 06152, Dec 2019, Business Statistics<\/li>\n\n\n\n<li class=\"wp-block-list-item\">See methodology<\/li>\n\n\n\n<li class=\"wp-block-list-item\">4% of total number of SMEs in UK (5,860,000) = 234,400<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Methodology:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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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2.385v5.369c-1.923-0.063-3.855-0.463-5.6-1.291-0.76-0.344-1.468-0.787-2.161-1.24-0.009 3.896 0.016 7.787-0.025 11.667-0.104 1.864-0.719 3.719-1.803 5.255-1.744 2.557-4.771 4.224-7.88 4.276-1.907 0.109-3.812-0.411-5.437-1.369-2.693-1.588-4.588-4.495-4.864-7.615-0.032-0.667-0.043-1.333-0.016-1.984 0.24-2.537 1.495-4.964 3.443-6.615 2.208-1.923 5.301-2.839 8.197-2.297 0.027 1.975-0.052 3.948-0.052 5.923-1.323-0.428-2.869-0.308-4.025 0.495-0.844 0.547-1.485 1.385-1.819 2.333-0.276 0.676-0.197 1.427-0.181 2.145 0.317 2.188 2.421 4.027 4.667 3.828 1.489-0.016 2.916-0.88 3.692-2.145 0.251-0.443 0.532-0.896 0.547-1.417 0.131-2.385 0.079-4.76 0.095-7.145 0.011-5.375-0.016-10.735 0.025-16.093z\" \/><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Follow Simply Business on TikTok<\/span><\/a><\/li><\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Coronavirus set to cost SMEs over \u00a369 billion Coronavirus set to cost SMEs over \u00a369 billion &#8211; with two fifths at risk of permanently closing The impact of coronavirus to SMEs in the UK will exceed \u00a369 billion, with two fifths at risk of permanently closing, according to a new report by small business insurer [&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-220","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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