Capital on Tap has worked with other fintech companies to create a tool to help support business owners to track and claim back the money they have lost as a result of COVID-19.
While the Government recently announced financial support for full-time employees, many of those who are self-employed or sole traders may now be facing uncertainty in their cash flow due to difficulties calculating their actual income.
A group of UK Fintechs including Credit Kudos, Fronted, 11:FS, Coconut, Capital on Tap, Mazuma, Seedlegals, and True Layer have been in the process of developing a simple tool called “Covid Credit”, that allows the user to fill in banking data and create a straightforward PDF report, which can then be shared with HMRC to display the user’s financial situation.
The concept arose as part of a discussion in the FinTech community over how best to provide support to millions of customers. Although the latest update from the government is that self-employed will be eligible for up to £2,500 per month, however, this is not due to start until June.
The intention is that the Covid Credit product will be beneficial to the government in streamlining the processes they put in place to manage the applications they receive from sole traders, to ensure businesses at risk receive support as quickly as possible.
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The Covid Credit system is one of several ways that Capital on Tap is working to assist not only its customers but small businesses across the country. Other measures the company has taken include hiring additional staff in the customer service center and applying to become an accredited lender of the Coronavirus Business Interruption Loan Scheme (CBILS).
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