Looking on the Brightside…..
Understandably there is a lot of worry and concern around and we wanted to take a moment to focus on some positives. We are delighted to say that we have helped several clients secure critical CBILS (Coronavirus Business Interruption Loans Scheme) over the past couple of weeks. We have also supported many more secure the CJRS (Coronavirus Job Retention Scheme) furlough payments which are integral to supporting businesses in surviving this unprecedented time.
Earlier this week the government also announced the new “bounce back” micro loan scheme to be launched on the 4th May, where small businesses will benefit from loans with a 100% government-backed guarantee for lenders. The Chancellor announced that businesses will be able to borrow between £2,000 and £50,000 through a fast track process allowing access to the cash within days. The loans will be interest free for the first 12 months. No capital repayments will be required within the first 12 months either.
Whilst we are focusing on the positives, we also wanted to give credit where credit is due to HMRC, and lets face it they don’t often receive much praise, but we have seen first-hand how they were able to get the CJRS portal up and running reliably in under 5 weeks. No mean feat when you consider how much traffic the portal would have received this past week, not only that but they have turned around the payments within the agreed timescales with most clients already receiving payments for their furloughed employees. This is proving to be a lifeline for many clients along with the flexibility of time to pay arrangements where required. We have to take our hats off to HMRC along with a number of local authorities that we have been working with to give clients access to Retail, Hospitality and Leisure Sector and Small firm grants.
We will continue to be there for our clients supporting them to get through these difficult times, helping them with business planning, financial forecasts and enabling them to understand their cashflows. We look forward to helping them to face the current challenges and then grow and develop.
If you are still trying to navigate these choppy waters and unsure of what support you are entitled to or how to access the government funding, please email us at email@example.com or call on 0161 249 5040