The Treasury has announced additional Government support measures for businesses and employees impacted by COVID-19. The support package includes a new Job Support Scheme, assistance for businesses in repaying Government-backed loans, an extension to the 15% VAT cut for hospitality and tourism sectors, and an extension to the Self Employment Income Support Scheme.
The Treasury Announcement Summary outlines the key changes that were announced in the Chancellor's speech.
Gambit has been assisting many businesses with their COVID-19 action plans and CBILS/CLBILS applications, stress-testing their forecasts and providing guidance on the funding available and how to approach funders for support.
The firm is proud to have maintained a 100% success rate of applications (against a wider market success rate of c.50%)
The extension to application deadlines for Government-backed loan schemes provides businesses with greater opportunity to access financial support during this challenging period. Demand for CBILS/CLBILS and other funding is extremely high, and businesses are encouraged to act sooner rather than later in assessing funding requirements in order to avoid being at the ‘back of the queue’.
If you would like to set up a call to discuss the challenges facing your business, understand the most appropriate funding options available and best practice in presenting your COVID-19 plan and CBILS/CLBILS applications, please contact a member of the team.