Yesterday the Government announced new measures for dealing with the current Coronavirus outbreak.
These will directly impact local bars, restaurants, gyms etc
It will also impact a range of other businesses that support them.
Other businesses will suffer if any employees contract the virus with absence, for what could be key employees.
Some businesses won’t have the resources to survive if they are impacted for more than a couple of months
At this moment, there is no clear point in the future when everything will be back to normal.
As covered in our article on the 2020 Budget that can be found here the Chancellor announced that HMRC will extend it time to pay arrangements.
It is hoped that there will be further announcements on extended time to pay for things like business rates, bank loans etc
Harrisons Business Rescue we are available to help businesses and individuals in trouble.
We can review the situation and help create a plan with you to help get over this period.
This will include helping organise time to pay arrangements or use formal solutions such as Company Voluntary Arrangements ( CVA ) or Individual Voluntary Arrangement (IVA ) to solve the cash flow problems.
There will be instances where the business will need to close where we can assist in that process, help with submitting employee claims to the redundancy payments office, deal with creditors etc
All contact can be arranged remotely to achieve a solution