Insights from Carter Bond

Coronavirus (Covid-19) and Your Business



At Carter Bond, we recognise the impact the Coronavirus (COVID-19) is having across the whole economy at the moment. As the cases of COVID-19 continue to rise and the government institutes increasingly tighter measures to restrict the rate of infection while providing a stimulus to keep business moving, knowing what is happening and where you stand legally is more important than ever.

For many businesses, we're in a situation we've never experienced before.

Entire business models have shifted, short- and medium-term business plans have been disrupted and ways of working suddenly up-ended with staff working remotely in response to government guidance. In this update, we'll review the impact of COVID-19 on businesses so you as a business owner or director can make an informed decision to protect your business, mitigate risk and ensure you business emerges in the best possible way when the crisis subsides.

How the government are supporting businesses during this period

In its daily briefings, the government has been announcing the rollout of several significant measures designed to mitigate the financial impact of COVID-19 on businesses. Particular attention has been paid to those sectors most affected by the spread of the virus, the hospitality and travel sector.

The situation changes daily with new measures introduced on a rolling basis. A brief overview of the current level of support includes:

  • Guarantees to pay 80% of wages for employees unable to work up to £2,500
  • Deferment of VAT and income tax payments to the next quarter
  • Statutory sick pay relief for small business
  • 12-month business rates holiday for companies in the most affected sectors
  • Grant funding of £10,000 for business eligible for small business rate relief or rural rate relief
  • Grant funding of £25,000 for retail, hospitality and leisure business
  • Loan guarantees worth up to £330 billion through the Coronavirus Business Interruption Loan Scheme and COVID-19 Corporate Financing Facility

To keep up to date with government's measures to support businesses, go to the dedicated COVID-19 business support guidance publication with updates on the schemes available and how to apply: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19


How we are dealing with the COVID-19 situation at Carter Bond

At Carter Bond, we are able to continue working without interruption. If necessary, all our team are able to work remotely from home with no interruption to their day-to-day activities or our ability to support you.

For many of our clients, face-to-face meetings are an important part of moving things forward, but we recognise this may not be feasible in the current circumstances. We have excellent facilities for both telephone and video conferencing.

We have taken steps to ensure it remains business as usual at Carter Bond and that we are able to work to full capacity during this period of uncertainty.

If you require any assistance on the issues discussed above, including employment law and contract law matters, please contact us on 020 3475 6751 and we'll be happy to advise you.

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