Home » 2nd April 2020 – Daily Coronavirus / Covid19 updates

2nd April 2020 – Daily Coronavirus / Covid19 updates

We are committed to helping you during this crisis.

Never in my working life have so many businesses faced so many challenges in such a short period of time. We have literally all moved from enjoying the freedoms of business this country allows to being unable to trade in just a few short weeks.

During this time, we have tried hard to help support your business as best we can but I wanted to re-iterate how we can help.

We can and are helping people with:

  1. Understanding what overheads can cut from your business
  2. Providing a cash forecasting template and guidance on how to complete
  3. Telephone and Email Advice regarding government support
  4. Hep completing loan applications
  5. Helping with Grant Applications
  6. Help with claiming grants under the Job Retention Scheme
  7. Calculating Furlough Pay
  8. Access to our Facebook Group – for business to offer each other news and support
  9. Proving historical income information when requested
  10. Regular updates to keep you informed

As I previously mentioned all of this is provided FREE of charge, we will not charge you extra for support relating to the Coronavirus – your business is important to us we want you and it to come through this.

The Latest News

Overdraft Fees

Some banks are beginning to contact their customers to inform them that during a given period (varies by bank), they will not be charging fees on their overdraft facilities, nor will they be charging interest on any overdrawn balance that occurs during that given period.

Credit Cards and Loans

The FCA is putting pressure on credit card companies and loan providers to offer a three month holiday on repayments, in the same way, we have seen mortgage companies offering, many of which have been extremely forthcoming with this. There is also pressure for the credit card companies to not charge interest for these 3 months, nor should any of the temporary measures taken during the COVID-19 outbreak affect credit scores.

Business Interruption Loans

We are seeing more pressure being put on the banks by key cabinet members, including the Business Secretary, to be more forthcoming with offering the CBILs instead of offering their own products and asking for personal guarantees in the first instance.

Rishi Sunak, Chancellor of the Exchequer, will be responding to questions on the respective business support packages on offer via his twitter account (@RishiSunak) tomorrow. This can be done by tweeting your question with the hashtag ‘#AskRishi’. This may be the time to put pressure on about the Business Interruption Loans and get the cabinet to force the banks into being more forthcoming with these products.