Nursery World - Coronavirus: Support is available for businesses and families

Businesses, workers and families do have a safety net in this crisis, says our new columnist Karl Handscomb, senior economist at the Resolution Foundation

Three months ago, life was normal. Like thousands of other people in January, I had just started a new job. What a difference now.

Coronavirus is having a massive impact on all our lives, generating half a million new Universal Credit claims in under a fortnight, forcing many businesses to close, and sending millions of children home from school. The Government has very wisely committed to supporting millions of people with billions in financial aid. But what does it all mean?

The two big-ticket wage support schemes announced – the Coronavirus Job Retention Scheme for employees and the Self-Employed Income Support Scheme – mean that many people without work to do during the current crisis will receive financial support worth a significant proportion of their pre-crisis income. Interest-free loans are also available to businesses, with further grants for the smallest firms.

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