Weekly Digest – 13 May 2020
Hello again for another week. We hope you are healthy and well. This week you probably heard news of the government’s plan to implement a 5 Step COVID-19 Alert System.
Government plan for the coming months
Step 1 encourages those who CAN work from home to do so. Only those who CANNOT work from home should return to their workplace.
Step 2 will not start until at least early June, but further timelines will be announced as more data comes to hand (particularly on the impact of Step 1). At Step 2, some shops may be allowed to open and students may return to schools, in stages.
Step 3 will not start until at least early July but this is also subject to scientific advice. This step will see some hospitality businesses potentially able to reopen.
Steps 4 and 5 hope to start in September and October respectively, with more businesses set to open then.
As with everything surrounding the Coronavirus, we will have to wait and see what each day brings. While the crisis is not over yet, it is great to have a plan to work towards so we can start to see businesses recover.
Bounce Back Loans
Earlier in May the Bounce Back loan scheme was launched, which may be suitable for some businesses. Ask us if you have any questions about this, or about other support for your business.
You can find industry-specific advice on working safely during COVID-19 on the Government’s website. The site also has details on which business can and can’t open.
What’s next for your business?
It’s unlikely that everything will go back to normal once businesses are allowed to reopen. We strongly encourage you to use this time to create a business plan for the months ahead, as none of us know exactly what will happen. We know that writing a business plan can feel like a big effort so we have created a template to make it easier. Please get in touch if you’d like to talk about your plan – especially the financial parts like cash flow.
Here to help
If you have any questions about the above updates, the support that is available to you, or your business plans in the coming months, please get in touch. We are here to help you get through this.