As the Coronavirus outbreak evolves throughout the UK, so too does its impact on businesses however large or small.
The UKs high street banks have been united in their response to such businesses – we're here to help. This help is being offered in numerous ways depending on the bank and the circumstances.
What help is being offered to businesses by the banks?
The measures that can be considered include:
- loan repayment holidays;
- temporary conversion to interest only payments;
- temporary interest reductions;
- extending loan durations;
- offering new, or extended, working capital facilities;
- offering emergency loans; and/or
- waiving arrangement and other fees.
On Tuesday the Government also announced that it would assist in this by making a £330 billion package of public funds available for loans.
Exactly how this package will be made available for loans and how this will operate between the banks and the Government has yet to be confirmed, but further answers are expected over the next few days and the new scheme is expected to launch during the week commencing 23 March 2020.
If you have concerns about your business and you aren't speaking to your bank already, it may be worth making that call.
Get in touch
Harper Macleod's trusted Banking & Finance team are on hand to provide specialist legal advice on your banking and finance issues during these difficult times.
Also, Harper Macleod's specialist teams across all sectors are ready, willing and able to help businesses and organisations deal with the impacts of Coronavirus – both current legal issues and preparing for what might come in the weeks ahead.
Please get in touch with a member of our team, or find out more throughout our website.