As Covid-19 Coronavirus continues to impact our lives on a daily basis our priority at this time remains the safeguarding and health and safety of our staff, clients and contacts whilst ensuring we continue to provide you with the best possible client service. With this in mind we implemented a firm wide contingency plan including:
Coronavirus has presented a massive challenge to all of us but especially businesses that have fixed overheads and wage bills to pay. Many businesses will have had to consider business rescue and insolvency issues that will be alien to them.
Immediate decisions will have been made on whether to take up the Government schemes to support businesses. Some of these were automatic so no decision was required and some schemes need to be applied for. Of these some are grants and others are deferment/loans. We have summarised the main schemes available to SMEs with links to the official Government guidance.
These welcome new measures were focused on easing cashflow pressure and assisting with fixed costs and will be a lifeline for many companies. However, directors will have considered the implications of further borrowing and the deferment and loans will eventually have to be repaid. For businesses that were already under pressure or their future viability in doubt before this crisis further borrowing may not have been the answer.
Here at McTear Williams & Wood we remain ready to help your clients navigate a way through this crisis. If you have any concerns please do get in touch.
It is business as usual at McTear Williams & Wood.