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Gloucestershire Business News

Government help for forgotten directors would be "investment"

Reports that the Government is considering a scheme to help small business owners who have falling through the cracks of coronavirus support have been welcomed by one of its advocates.

The Federation of Small Businesses has been calling for a Directors Income Support Scheme in the form of a taxable grant for directors of limited companies, calculated at 80 per cent of three months average monthly trading profits.

According to The Sun newspaper, Treasury officials are considering the proposal which would pay up to £7,500 for those who earn less than £50,000 a year to cover three months of lost profits.

Punchline Talks: Friday Business Briefing 

The Government has been hesitant to introduce the measure due to fears over fraud.

But self-employed workers, including many workers in the entertainment and events sectors, have been left without support after being ineligible for the Self-Employed Income Support Scheme.

Speaking during the Punchline Friday Business Briefing, FSB development manager for Gloucestershire Sam Holliday said: "It's been the biggest thing throughout the last nine months. So many staff have had support but the owner has got nothing coming in.

"We've spent £280billion to bail out the economy and this is a very small percentage."

He continued: "It wouldn't be a giveaway, it's  an investment. If you can save these businesses they can be part of the recovery.

"It's the sensible thing to do and I really hope Rishi Sunak listens. He's surprised us a few times and I'm hopeful he'll pull out one final surprise."

Up to one million self-employed workers have missed out on the financial support packages with the lobby group Forgotten Ltd working alongside the FSB and other organisations to call for the change.

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