Accountancy profession calls for changes to Furlough Scheme

The Corporate Finance Network is proud to have launched an initiative to raise awareness of the incredible pressure which independent accountancy firms are suffering on behalf of their SME business clients and to support the whole nation.  This has been no more apparent than this week, when, as a result of the HMRC application process for the Job Retention Scheme for employers claiming a furlough grant for <100 employees,

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CBILS overhaul is not working – now 20% Of All SMEs Are Set To Collapse Within The Next 2 Weeks

The Corporate Finance Network, representing some of the UK’s most proactive and commercially astute larger, regional accountancy firms, has undertaken further research in respect of 10,000 of their SME clients, which now predicts that in the next 2 weeks, as a result of the COVID-19 lockdown, 20% of these businesses will “probably” or “definitely” run out of cash in the next 2 weeks unless the Government brings other solutions to protect businesses and jobs. 

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Changes welcome to CBILS however SMEs don’t want to take on more debt

Kirsty McGregor, founder of The Corporate Finance Network, representing some of the UK’s most proactive and commercially astute regional, independent accountancy firms, has given her reaction to the changes brought in to amend the Coronavirus Business Interruption Loan Scheme by the British Business Bank, which are:

1. Changes have been announced to take effect from Monday 6th April but need to be applied retrospectively to any offer made since 23rd March 2020

  • Most banks will now need to use their resources to amend previous offers and applications. 

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