Are you waiting for your furlough payment?
The Coronavirus Job Retention Scheme subsidises 80% of wage bills to a maximum of £2,500 per person per month (with payments backdated to March 1st). The unprecedented demand, of half a million claims, could lead to delays in accessing these payments, leaving many businesses to cover upcoming salaries from already strained cash flow.
WE CAN HELP
With access to furlough funding facilities and other loan products, we can bridge the potential cash flow gap whilst waiting for the funds from The UK Government.
Interest-only* Furlough Funding Facility allows clients to:
- Fund your furlough claim up to a limit of £100k (larger facilities considered by exception)
- Pay only the interest in months 1 and 2, with capital/interest repaid in month 3
- Cover essential wage bills until HMRC payroll rebate is received
* This facility bears interest at commercial rates, is not subsidised by the UK Government and we will provide a quote prior to application. We expect to have more viable CBILS loan options (beyond high street banks) from our lending panel in the coming week, so please feel free to register your interest with us also.
This facility is just one of many ways we can assist in these unprecedented times.
Contact us now and a member of the team will call to discuss your specific requirements in more detail.
The UK Government’s Covid-19 support schemes update
The UK Government’s Covid-19 support schemes have provided the following support for business in just a few weeks:
- Job Retention Scheme – more than 500,000 claims have been made to the value of £4.5 billion
- Business Grants – half a million business properties have benefitted from £6 billion of business grants
- The Coronavirus Business Interruption Loan Scheme – with over 20,000 loans
- The Covid Corporate Financing Facility, which has provided over £14 billion for larger firms
- VAT deferrals worth billions of pounds
- Scrapped businesses rates
- Covering the cost of statutory sick pay
- New Bounce Back Loan Scheme which will run alongside the existing
- Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large
- Business Interruption Loan Scheme (CLBILS)