COVID-19 Business Update – 27 May 2020
Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update.
If you’re not having cashflow problems right now, that’s great, you’re one of the lucky ones. Plenty of businesses across the country are struggling with cashflow right now. There are a few ways to relieve the cashflow pressure from finance through to restructuring options. Don’t stick your head in the sand – we can help.
Here are some options that might be suitable for your business:
- Borrow money – Small- and medium-sized businesses can access finance more quickly with the government’s Bounce Back Loan Scheme (BBLS), which offers a maximum loan of £50,000 without any fees or interest for the first 12 months. See more details here and find out if you are eligible to apply.
- Restructure expenses and commitments – You can implement various measures to restructure your expenses and financial commitments. There are a range of programs aimed at providing temporary relief to debtors affected by COVID-19. We can help you work out your existing debt with your banks and creditors to improve your cashflow, so please get in touch.
- Sell more – Consider new sales possibilities, expand your market, refine your marketing strategy– it may be difficult to increase your sales right now, but we’re sure you’re doing all you can. We can help you get your plan together for the next few months of business.
The Government’s dedicated Coronavirus page has plenty of useful information you might like to check out.
Over the last few weeks we’ve brought you updates on various government initiatives and cashflow schemes to help businesses impacted by COVID-19. We’ll keep you updated if anything changes, but please feel free to get in touch to discuss what these schemes mean for your business.
Get in touch
Let us know if you have any questions or want to chat about your business.