With the increasingly changing nature of the COVID_19 pandemic, information and advice from the government is ever-changing quickly. For many small businesses the COVID_19 outbreak in the UK has come unexpected and devastating for cash flow. Many owners will be concerned with the financial effect of the outbreak and how it could affect the business and the economy.
Our Advice during this period is to first follow the official Government Guidelines. There are different Business Relief Schemes proposed by the Government. Along with this prepare yourself by evaluating your cash flow so you know what you’ll potentially need to keep your business afloat for the next 3 months . In addition, you need a proposal of how you plan to revive your Business post COVID-19 – the key point is thinking about how you will repay the money.
On the 19th of March 2020 the UK Government announced the Coronavirus Business Interruption Loan Scheme (CBILS). This scheme is aimed to provide financial support to small businesses (SMEs) across the UK from the losses of revenue by evaluating their cash flow discrepancy as a result of the COVID_19 outbreak.
You can apply via your Commercial Bank or other Lenders under the Scheme. Visit this website for more details: https://www.gov.uk/…/guida…/covid-19-support-for-businesses….