Six in 10 SMEs say their bank has been slow to offer help during the Covid-19 crisis

58% of small and medium sized enterprises (SMEs) feel their banking provider has been slow to offer help during the Covid-19 crisis.

The findings, contained in a poll of 100 business owners of UK SMEs by the Lanop Accountancy Group, raises fresh questions about the level of support available to companies struggling during the Coronavirus outbreak and subsequent lockdown. 

The survey found that nearly one third of companies (29%) have applied for a loan from their current banking provider to help them get through Covid-19 and 13% still plan to make full redundancies despite making use of the government’s Coronavirus Job Retention (Furlough) support scheme.

In addition to this, the respondents were asked about how tax changes could provide support. More than  half (65%) agreed that if the government reduces VAT tax for 2020 their businesses will be given a lifeline during the crisis.

Similarly, of the business owners surveyed, 80 per cent think that the government should reduce stamp duty tax to help the declining property market.