Covid-19, Support for Business

We have pulled together a summary of the support for business announcements for clients.  The pdf can be found by clicking the blue link here:

Covid 18032020

The team here are working hard to help clients through this difficult period.  Most businesses will have to consider carefully how to manage cash over a period when normal business income could be badly impacted in many sectors.  Careful management of creditors is vital.  HMRC’s special Covid time to pay helpline is on the sheet.  However, we are aware of people trying to get through and not managing after an hour of holding.  It remains to be seen if the staffing levels at HMRC can match the demands of taxpayers asking for some leniency on deadlines.  It is surprising that a statutory right to defer for some period has not been announced to avoid this difficulty.  The main support for business appears to be in the form of the banks being able to lend more money with a government guarantee.  We have serious concerns about the speed and efficiency of that help in what is a rapidly changing situation.  And we also wonder that some businesses will simply not want to try to borrow large sums of money from a bank to fund their way through the crisis.

We are on 0141 887 7811 if you require help.  As ever, please contact your normal relationship manager on the main number or by email.  Many of the team are home working – but we are very much working nonetheless!

Our thoughts are with those most affected by Covid in direct ways both economically and socially.  Especially those who suffer serious symptoms, their families and those working in the NHS.

 

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