SMEs bootstrapped by social distancing requirements

Small to medium sized businesses (SMEs) will struggle to trade if social distancing measures continue, finds the latest results from the ACCA UK and The Corporate Finance Network (The CFN) SME Health Tracker.

Accessing a survey pool of accountants representing nearly 9,000 SMEs across the UK, the findings show that on average 16% of SMEs said they think social distancing will make it impossible or unviable to reopen their business – equaling around 1,500 SMEs represented across this research pool.

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Small businesses voice cashflow fears as UK economy prepares to open shop  

Thousands of small businesses say they are firefighting immediate concerns such as cashflow pressures and resuming operations safely ahead of lockdown lift

Small businesses are seeing their survival instincts kick-in amid fears over their ability to access cash required to operate post-lockdown.

The latest research from ACCA (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN) highlights the growing number of SMEs seeking reassurance on how to manage their cashflow as the UK comes out of the Covid-19 lockdown.

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Easing of the Lockdown for Businesses

Please note: This news item has now been superseded by more detailed guidance for employers issued by Department for BEIS on Monday 11th May which can be found here

Following the Prime Minister’s address to the nation yesterday evening (Sun 10th May, transcript here) I received many messages asking my opinion on what that meant for xx business or yy business and I think that the following must be possible before a business is ready to re-open:

  1. If your staff can work from home,

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Banks have let us down: CBILS still not working says The CFN

On 5th May, The Corporate Finance Network researched its accountancy members to ascertain their latest experiences of attempting to secure a Coronavirus Business Interruption Loan (CBILS) for their SME clients. Despite the much-heralded launch and apparent success of its younger sibling, the Bounce Back Loan on 4th May, CBILS still plays an important role in the rescue and recovery of more sizeable SMEs,

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