A summary of the most recent government measures to support businesses are listed below:
- Job Retention Scheme - supporting 80% of wages for staff not working, up to £2,500 a month.
- VAT - deferral of payments until 30 June 2020.
- Coronavirus Business Interruption Loan Scheme (CBILS) - loans scheme provided by British Business Bank (BBB) for loans up to £5m. UK based SMEs with turnover of £45m or less are eligible.
Click here for more information on COVID-19 Business Support Schemes.
Businesses like yours should make use of these options to ensure that you can continue to serve your customers, pay your staff and keep your business in the best shape possible, ready to come out of the other side.
Beyond government funding there are further options available, including working capital facilities, such as invoice finance, borrowing against IP or even loans that effectively accelerate the payment of R&D tax credits (even if the claim has not yet been filed).
Growth equity investors are also still currently deploying capital and offer another option for businesses that were on a strong growth trajectory. This can be particularly attractive as while it may involve dilution there is no requirement to repay.
This article was last updated on 19 March 2020.