Andrew Tate FCCA ACIS
- Partner and Head of Restructuring and Transformation
- +44 (0)330 124 1399
- Email Andrew[email protected]
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In a difficult start to 2021, we are all now aware of the measures being put in place by the government to counter the increased numbers of people affected by the COVID-19 virus. For businesses, the prospect of non-essential businesses being closed until at least the middle of February is a daunting one.
The government has been swift to announce measures this morning to give some further support to businesses. Hospitality, retail and leisure businesses will receive a grant of up to £9000 per property depending on the rateable value of the property concerned. It is likely that this will be administered by local authorities who are aware of the rateable values of properties and will not require business owners to make applications for the grants. The grants are only available to closed businesses. In the past, the government has allowed hospitality businesses which are substantially closed but are still providing takeaway services to claim the grant. Hopefully, this will continue to be the case for the new grants announced.
The government has also announced:
• £594 million will be made available to support other impacted businesses. There are no further details available on this as yet.
• Further discretionary grant funding for local authorities to support local businesses. Further information available here which will be regularly updated.
• The continuation of local restrictions support grants worth up to £3000 a month for businesses.
The Coronavirus Job Retention Scheme (CJRS) or ‘furlough scheme’ has also been extended until the end of April 2021. The Coronavirus Job Retention Bonus which was due to be launched in January 2021 (providing a one-off payment to businesses which had continued to employ staff who had previously been furloughed) has been postponed.
Our firm’s website statistics show that there has been a high level of interest in the information we have published regarding the government’s “bounce-back” loans which reflects that businesses are once again concerned about cash flow. We are committed to supporting our clients and any other businesses which may have concerns about cash flow in the months ahead so please do get in touch with your usual Kreston Reeves adviser or contact us here.
We have access to a wide range of funders through our funding team and we are ready to help any business that needs assistance with cash flow forecasting and funding. We also have expert advice on potential restructuring options for businesses if the latest blow to business confidence is the last straw.
Like all businesses, we are also reacting to the news. However, our people have been working remotely for many months now and, whilst interaction within teams within our offices is helpful, we are agile and are immediately able to support our clients fully throughout this pandemic. Please speak to your usual contact at Kreston Reeves if you have any business concerns regarding lockdown or contact me here.
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