How can my business survive COVID-19?

The impact of COVID-19 is beginning to become reality to many industries. It is no longer that disease confined to far-off lands, but it is here on our doorstep. Businesses are beginning to feel the squeeze as supply chains are interrupted; social distancing measures are imposed and school closures take effect from today. As reality sinks in for many of us it becomes apparent that the health risk to all individuals outweighs the risk to the economy and we should encourage and support social distancing and remote working wherever possible.

To facilitate this and minimise the damage to business while we fight this outbreak, the government have introduced a series of measures to support businesses through this difficult time including:

• up to 80% pay for employees (up to £2,500.00 per month);
• a business rates holiday for certain industries; and
• a Business Interruption Loan Scheme guaranteed by the government up to 80% of each loan.

More information can be found on the government website.

If you are looking to draw a loan and would like advice or guidance on the terms of the loan and any security documentation that accompany it, our business services team can help. Please don’t hesitate to contact Holly Threlfall on 01908 660966 / 01604 828282 or email BusinessServices@franklins-sols.co.uk.