Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the effect of the covid-19 outbreak on the ability of small businesses to prepare for the end of the transition period; and what additional (a) financial and (b) other support his Department is providing to help small business preparedness for the end of the transition period.

The Government recognises the challenges small businesses are facing as a result of the COVID-19 outbreak when they also need to prepare for the end of the transition period. The Government has provided a wide range of help for small businesses affected by COVID-19, including the Coronavirus Job Retention and Support Schemes; the Coronavirus Business Interruption Loan Scheme; the Bounce Back Loan scheme; Local Authority grants for businesses; business rates relief; support for trade credit insurance; the Eat Out to Help Out scheme; VAT deferral; the Self-Employment Income Support Scheme and sectoral guidance on safer working.

As well as the extensive financial support available to small businesses to manage the COVID-19 pandemic, HMRC has provided £84 million to support small businesses adapt to new customs rules and DIT has established a £38m Internationalisation Fund for small businesses. We have also provided tailored guidance – on gov.uk/transition - for businesses on what they need to do to prepare for the end of the transition period, as well as undertaking a comprehensive programme of engagement with businesses throughout the country.