Bounce Back Loans + COVID-19 Update
We hope you and your family are safe and well. The COVID-19 pandemic is impacting nearly every aspect of our lives and will be remembered as a pivotal time in history. Like any other event that impacts the world, we don’t know what the future will be like, but we do know that the other side of this will require resilience and creativity from all of us.
In terms of government news and updates for business:
Bounce Back Loans
The key thing announced this week by the government is a “Bounce Back” loan scheme. Some details:
- It will launch on May 4th. The scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
- The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
- Loan terms will be up to 6 years.
- No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
You can read more on the government business support website where they will be making more information available in the next few days.
If you’d like to discuss applying for this loan or any other funding, please contact us.
How Small Businesses Can Survive The COVID-19 Pandemic
Forman’s London Cured is a family business that has had more than its fair share of disasters. In a five year period, they suffered a catastrophic fire, a flood and finally a forced rebuild when the London Government decided their facility was where they wanted to build the Olympic stadium.
Founder Lance Forman shares his tips for business survival in a crisis in this article.
Are you adapting?
Businesses that use the Coronavirus setback as an opportunity to adapt, innovate and improve are the ones that will thrive. You may need to modify your offerings, look into offering online services and see what you can do differently. Also, youse this time now to think about your plan for when you reopen. We are happy to chat with you about this.
Time for some good news
The pandemic has caused many people to adjust. We have seen innovations born out of necessity, such as hands-free door openers and rapid development and manufacturing of ventilators and masks. There’s also interesting news of video gamers being called to help develop COVID-19 treatments.
Google is offering $340 million in Ads credits for those who have spent with them in most of 2019.
Take care of yourself
We know that this is a hard time. Everyone is throwing words around like “uncertain” and “unprecedented”, while business feels more stressful than ever. Please take time out today to look after yourself. We will get through this.
Here to help
What an April! Let’s hope the sacrifices we’ve all made this month will pay us back with signs of recovery in May.
Thank you for your continued patience. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!