Government Support for UK Business

By Matthew Bell

Government Support for UK Business: A Summary - 23/02/2020

 

As today marks the launch of the government’s Coronavirus Business Interruption Loan Scheme, we thought it a good time to give you a bit of a summary of the various announcements made by Boris Johnson or Rishi Sunak over the past week or so.

 

There isn’t anywhere else to start other than the ‘Job Retention Scheme’, really. This unprecedented piece of legislation has been making the headlines not just in the UK, but globally, and rightly so, too.

 

 

As well as the far-reaching Job Retention Scheme, which focuses on supporting the ‘employed workforce’, provisions have also been made for small business owners, as well as the self-employed.

 

 

The reaction from the business world has been one of positivity and of hope, with Suren Thiru, Head of Economics at the British Chamber of Commerce, has made the following comments on the CBILS:

 

"The Coronavirus Business Interruption Loan Scheme is a crucial step in getting credit flowing to firms who urgently need it during this difficult period. The inclusion of an overdraft facility in the scheme is particularly welcome to those who are facing an immediate and significant loss of cashflow.

 

We look forward to working with the British Business Bank and UK financial institutions to ensure that the scheme delivers cash to the front line as quickly as possible.” [Source: britishchambers.org.uk]

 

Finally, the rule changes introduced to support the self-employed also comes in the form of deferring tax payments;

 

If you’re a small business owner and you want a helping hand going through the above, we’ve got a dedicated Corporate Finance department who’d be more than happy to talk you through things.

 

Equally, if you’re not a small business owner, but maybe you think it’d be worthwhile having a chat about your own finances during these uncertain times, please don’t hesitate to get in touch. We’re still carrying on with business as best as we can, utilising the power technology as and when possible.

 

#FinancialPlanning #FinancialAdvice #Coronavirus #CBILS #RishiSunak #UKBusiness

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