Challenges of Coronavirus – 5 Survival Steps to take Today

In navigating the unparalleled challenges presented by the Coronavirus pandemic, businesses are confronted with a myriad of obstacles. However, amidst this adversity, it’s important to recognise that there exists a spectrum of governmental assistance and guidance tailored to support enterprises during these trying times.

These resources encompass a diverse array of initiatives aimed at providing financial aid, strategic counsel, and logistical support to help businesses weather the storm and emerge resiliently on the other side. By tapping into these available resources and leveraging the wealth of support and expertise provided by governmental agencies, businesses can navigate the complexities of the current landscape with greater confidence and efficacy, ensuring their survival and sustainability in the face of unprecedented uncertainty. Here are 5 key steps you can take today:

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1. Get help with your finances

For small and medium-sized businesses, the new Coronavirus Business Interruption Loan Scheme is now available for applications. For more information and how to apply, visit our website.

You can also speak to your bank or lender to discuss options.

The Bank of England’s new lending facility for larger firms is also open for applications. Find out more on their website.

It is also prudent to explore potential contingency plans to address supply-chain disruptions, another issue caused by coronavirus, effectively . By proactively seeking alternative sources or methods, businesses can mitigate the impact on timeframes and financial resources, thereby enhancing resilience in the face of unforeseen challenges. By devising comprehensive strategies that encompass diverse scenarios and contingencies, organisations can optimize their ability to navigate disruptions and maintain operational continuity with minimal disruption to productivity and financial stability.

2. See what you’re entitled to

The government is also making cash grants and additional funding available to certain sectors and smaller businesses.

Find out more about the schemes available, whether you’re eligible and how to apply on our website.

3. Support your staff

Through the Coronavirus Job Retention Scheme, the Government will pay salaries (at 80% of current pay up to £2,500 a month) for workers who are no longer working and would otherwise be made redundant.

For businesses with fewer than 250 employees, the cost of providing 2 weeks of COVID-19 related statutory sick pay per employee will be refunded by the Government in full. Find out more on our website.

Offer support to employees who may be experiencing stress, anxiety, or other mental health challenges due to the ongoing pandemic, including access to counseling services or employee assistance programs.

You will also find messaging in this toolkit that can be used in your internal staff communications.

4. Check guidance on tax

If you are concerned about paying your tax you can talk to HMRC about managing payments.

We have already postponed upcoming VAT payments through to June, cancelled business rates for many sectors and delayed July’s self-assessment tax payments until January 2021. To find out more visit our website.

5. Follow the latest Coronavirus advice

Maintain regular cleaning and disinfection protocols for high-touch surfaces and common areas within the workplace and follow recommended safety protocols such as maintaining physical distancing, wearing masks where required, providing hand hygiene stations, and ensuring proper ventilation in indoor spaces.

Regularly monitor updates from reputable sources such as the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and local health departments for the latest guidance and recommendations.

Our website will be updated regularly as more information becomes available.

The Prime Minister’s daily press conference, live streamed on the @10DowningStreet Twitter feed, will also provide the latest updates on health advice, support for businesses and employees, as well as a range of other issues.