In light of the UK government’s latest recommendations that people should avoid contact with others to prevent the spread of coronavirus (Covid-19), many hair and beauty salons will need to reduce operations, or possibly even close, for a significant period of time.
While the prospect of cancelling and rescheduling client bookings is daunting, the UK government’s recently announced £330bn stimulus package does offer some hope in the form of several financial support initiatives aimed at assisting the retail, leisure and hospitality industry – which includes hair and beauty salons.
For instance, based on the latest government announcements there will be support for smaller and larger firms through easy to access loans. There will also be an increase in Coronavirus Business Interruption Loan Scheme with 6 months interest-free and a ‘Business Rate holiday’ for small businesses.
To help you get the best support during this uncertain time, we’ve outlined how to check if your business is eligible, compiled details about financial support measures available across the UK, and provided information on what you could do next.
We have summarised the different finance packages available and posted on our Help Centre.
FAQs
What financial support is available for salons during coronavirus restrictions?
You can access support through the UK government’s £330bn stimulus package for the retail, leisure and hospitality industry. This includes easy to access loans, increased Coronavirus Business Interruption Loan Scheme with 6 months interest-free, and a Business Rate holiday for small businesses.
How do you check your eligibility for government financial support?
Review your salon’s size and sector to determine eligibility for financial support targeting the retail, leisure and hospitality industries. Most hair and beauty salons are included in these categories, making them eligible for certain relief measures and loans.
What is the Business Rate holiday for small salons?
The Business Rate holiday removes business rates for eligible small salons for a set period. This reduction in overheads helps manage costs during times when you may need to reduce operations or temporarily close.
How long is the interest-free period for the Coronavirus Business Interruption Loan Scheme?
The Coronavirus Business Interruption Loan Scheme offers 6 months interest-free to provide immediate financial relief for salons. This allows you to cover ongoing expenses without interest charges in the short term.
What immediate steps should you take if your salon must close temporarily?
Act quickly to review available government support, apply for loan schemes and confirm eligibility for the Business Rate holiday. Communicate clearly with your team and clients about operational changes and seek information through the Help Centre for updates on financial measures.
