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COVID-19

Support for Business Owners

We recognise that the nature and scale of the COVID-19 disruption is unprecedented in modern times.

For most SMEs liquidity and financing have quickly become the most critical matters to be addressed in their response to the disruption.

There has been a substantial package of help initiatives put forward by HM Government which continues to evolve on an almost daily basis. We think the most significant components of that for small businesses will be:

  • the Coronavirus Job Retention Scheme where HMRC will reimburse 80% of ‘furloughed workers’ wage costs, up to a cap of £2,500 per month;
  • the Coronavirus Business Interruption Loan Scheme (CBILS) where UK businesses with annual turnover of no more than £45m can borrow up to £5m interest-free for 12 months under a British Business Bank (BBB) scheme

There are various measures available including Business Rates Relief, VAT deferral options, Time-to-Pay arrangements for Corporation Tax and PAYE, Statutory Sick Pay refunds and for some businesses, Grants. We would advise all businesses to bookmark the following page to stay tuned to the latest support measures:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

The government is working at considerable speed to launch these initiatives, and in some cases, the detail of the process has yet to be confirmed. Accessing and securing support from some of these initiatives will require careful preparation by SMEs, often at speed.

As the disruption of COVID-19 impacts our economy, many businesses will need to enhance their cash flow visibility, maximise their liquidity and engage with their lenders and other key stakeholders to evaluate their options.

If you are in need of support, we are here for you. Our teams can be contacted at 0800 756 0805, or you can request a call-back


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