There is no doubt that the Covid-19 pandemic has turned the world upside down, not least the business world. We...
The Covid-19 pandemic has caused much uncertainty for the future of many businesses across the globe. Businesses up and down the country and preparing themselves for both the immediate and long term impacts of the outbreak. At Lines Henry, we are here to help. In this post, we discuss the type of support available to you during the Covid-19 pandemic.
Offering Financial Support during this time of crisis
Whether you are an established large business, a start-up, a partnership or a sole trader, you will be affected by the pandemic. The major threat that Covid-19 poses to your business is the need for a source of emergency cash flow that you may not have.
At Lines Henry, we are dedicated to serving businesses and individuals by providing a fast and effective solution to their funding needs. We deliver a clear and transparent approach to funding which allows you to move your business forwards and helps mitigate cash flow concerns for businesses with tight margins.
There are a number of possible emergency finance options, grants and funding available for businesses should you be eligible, and we have highlighted some of those opportunities below:
- Coronavirus Business Interruption Lending Scheme – Providing emergency funding for businesses (subject to eligibility)
- Coronavirus Job Retention Scheme – Allowing businesses with a PAYE scheme to claim back 80% of employee’s salary up to £2500 per month.
- Small Business Grant Fund – managed by local authorities and provides up to £10,000 as a one-off grant to help small business owners meet their operating costs.
- Deferring VAT payments – to help manage cash flow.
- Support for Self Employed – Via income support, universal credit and mortgage holidays.
- Coronavirus Bounce Back Loan Scheme – to help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
Full the full list of support available and to check if you are eligible to make a claim please visit the government website at https://www.gov.uk/coronavirus/business-support.
The Government has also set up a number of business support helplines to offer guidance to business owners during these uncertain times. These lines have been established to help to guide the business through the Covid-19 pandemic and minimise the impact. The phone numbers differ per region and are as below:
England: 0300 456 3565
Scotland: 0300 303 0660
Wales: 0300 060 3000
Northern Ireland: 0800 181 4422
It’s important that you take the time to understand the options that are available to your business. If the worst happens and the business becomes insolvent, we’re also here to help. Don’t hesitate to get in touch with one of our Insolvency Practitioners to discuss the options that are available to you.
We hope that you have found this ‘how we can support you during the Covid-19 pandemic’ post useful. If you’re worried about the impact of Covid-19 on your business, why not contact us – we offer a free consultation as to the best way forward in the current climate. While there is a lot of uncertainty at the moment, we’re the experts when it comes to financial support and we’re well informed to give you the best and most up to date advice.
Speak to us, we can help.