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Coronavirus Corporate Update
Updated 24th April 2020
As the UK’s Coronavirus lockdown is set to continue for at least three weeks, Corporate Partner Richard Robinson explores how the Chancellor’s schemes have fared and how businesses are engaging with some of the schemes on offer so far.
Through our COVID-19 hub you can find, amongst other things, guidance on what support is available to businesses, the impact of Coronavirus on M&A and what directors need to consider during this period.
The numbers so far
One of the largest overheads for many businesses – salaries – were quickly earmarked for government attention. The Government’s Job Retention Scheme introduced the word furloughing to a grateful business community, enabling the temporary lay-off of employees at the Government’s expense for up to 80% of salaries, up to a maximum of £2,500 a month.
This has now been extended in some form until April, which is welcome form many businesses as we enter a third national lockdown.
Another element of business support has been the creation of a number of loans and finance packages to support businesses which have been taken up by businesses in their droves.
We continue to support our clients through this difficult time through our varied commercial and private client services.
We encourage all employers to talk to our employment & HR team if you have questions on the furloughing scheme.
We are also on hand to help businesses that are feeling acute financial pressure and may need support in the context of debt restructuring and consolidation.
We also recognise that not all businesses will survive during this time and where appropriate, a conversation around insolvency and liquidation may be required. Those facing such difficulties should contact our Business Recovery Team.
However, just as importantly we have also begun planning for the upturn. Storms don’t last for ever – and like our clients we need to be ready for the world beyond COVID-19.