With the effects of Coronavirus (Covid-19) already hitting businesses hard following the World Health Organisation declaring it as a Global Pandemic, businesses are going to be facing a challenging 2020.
The Government is already asking for people to work from home and all non-essential travel is banned. With cases of Coronavirus (Covid-19) continuing to rise all Schools will now be shut for the foreseeable future as social distancing strategies are being put into place.
Unfortunately, we have already seen some big names already filing for administration such as Laura Ashley and Carphone Warehouse.
In order to survive this turbulent period, the Chancellor has unveiled a £350bn lifeline package for the economy to help aid against the impact of Coronavirus (Covid-19).
The package of support will include £330bn available in loans, £20bn in other aids, a business rates holiday and grants for the hospitality sector. There will also be further announcements of support for the airline industry.
Chancellor Rishi Sunak promised that if this support was not enough then the Government would go even further to provide support to businesses in the forthcoming months.
The Bank of England has also announced a Coronavirus (Covid-19) related interest rate cut from 0.75% to 0.1%, the Governor Mark Carney believes this rate cut will provide much needed relief at an extremely difficult time.
In order for businesses to continue to survive and recover from the economic impact of Coronavirus (Covid-19), they will need to seek advice and help early on. There are options available from various forms of tax relief through to low-cost borrowing to help businesses through this period of economic downturn.
At Clear Vision, we can do more than just file your accounts. We can advise you on the best course of action for your business to survive in this current economic period of uncertainty.
If you have any questions, contact the friendly team at Clear Vision on 01794 330 025 or email firstname.lastname@example.org. Alternatively, click here to book an appointment with either Sean Daniel or Jordan Moody.