@Fizbosshoes
Furlough and wages are only one aspect of business expenses, all the other stuff like rent, bills, insurance, materials or goods bought before lockdown but in anticipation of customers/orders etc all still needing to be paid for.
This was a classic example of Rishi not actually understanding small businesses when he based the SEIS support grants on "net profit".
Say a business with:
Turnover £100k
Cost of sales £50k
Gross profit £50k
Overheads £30k
Net Profit £20k
Covid support (if not excluded) based on the £20k. So it didn't even cover the overheads many of which would be ongoing like rent, utilities, subscriptions, equipment/vehicle leases, etc. So nothing left to cover the owners living costs (i.e. their profit).
Not to mention there were two months of support missing over the whole 18 months or so due to sleight of hand in timing of the support payments, so those businesses didn't even get support for the entire period they were restricted from trading!
He also talked about the £50k threshold (net profit, over which NO support at all) was fair because most businesses over £50k turnover had turnover of £200k or more. Note he exchanged profit and turnover in the same sentence! Either he was too thick to know the difference or he knew exactly the difference and was misleading Parliament to try to justify his incompetence.
He had 18 months to rectify the gaps/exclusions and CHOSE not to do so! So I have no sympathy for the "he had to do it quickly" argument - he had plenty of time to correct the mistakes and exclusions, but he was too arrogant to do so as that would have meant accepting mistakes were made, which he had never admitted.