Help for businesses who are affected by coronavirus
As business owners seek to adjust to the impact of coronavirus there has been welcome news that initiatives are being put in place to support businesses during time.
In view of the latest Government recommendations we have decided to close our offices with immediate effect, in order to assist in preventing the spread of Covid 19. The health and wellbeing of our staff and clients is of paramount importance to us.
As previously reported we have initiated our business continuity plan which facilitates all staff working from home. We wish to assure clients and contacts that we are able, and will continue to offer and provide, our full range of services, to support and assist you and your businesses through these challenging times. We are available on our usual office numbers or mobile numbers which are on our website. Virtual meetings can be arranged via conference calls, Microsoft teams, Skype or FaceTime.
Martin C Armstrong FCCA FABRP FIPA MBA FNARA
Support for self-employed and freelancers
Coronavirus - what can business owners do in response?
Coronavirus - Office Closure
What has been announced and where can business owners go to get help?
In the recent budget the Chancellor announced a package of measures to provide support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised (hover over the various titles below for more information). There are regular updates to the provisions being made available for businesses however as we always suggest, seeking early advice is the best solution.
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Availability of finance
The Bank of England has announced a reduction in interest rates with a view to increasing availability of credit for businesses. This was supplemented by the announcement from UK Finance, the trade body for UK banks.
Chief Executive of UK Finance, Stephen Jones, said:
“SMEs are the foundations of any successful economy and the banking and finance industry has the commitment and capacity to support viable businesses as they manage the impact of Covid-19. Alongside over £20 billion of funding, banks and finance providers are delivering targeted assistance to firms including repayment holidays, invoice finance extensions and fee-free emergency loans. This is in addition to the government’s welcome announcement of the Coronavirus Business Interruption Loan Scheme, which the industry will work with the government to deliver as quickly as possible.
“We urge all businesses to think about how their customers and suppliers could be affected by this global outbreak and to contact their finance providers as early as possible if they think they might have any additional financing requirements.”