VIDEO: An update from cashflow.co.uk expert Chris Silverwood about access to finance
Partner at Ward Hadaway Adrian Ballam catches up with corporate finance expert and CBILS specialist Chris Silverwood (CorpFin and cashflow.co.uk) a month after their initial conversation to talk about what the last couple of months have taught us about access to finance.
Sections of the video and their timings are as follows:
(01.06) – example of continuing appetite for certain businesses (e.g. tech sector)
(02.06) – conflict between incumbent bank and different CBILS lenders, plus brief discussion of CBILS II
(05.36) – bounce back loans have been a distraction
(06.27) – muted impact of fintech CBILS lenders
(07.52) – discussion about invoice discounting
(11.59) – looming insolvency environment
(12:52) – emerging themes
Related FAQs
If your visa has expired or will do before you are able to safely leave the UK, you can apply for “Exceptional Indemnity” by contacting the Coronavirus Immigration Team. You will need to provide evidence as to why you cannot leave, which could include a positive Covid-19 test or evidence of being unable to make travel arrangements to leave the UK in time.
You should note that “Exceptional Indemnity” does not extend your leave, but temporarily protects you from adverse action being made against you as result of overstaying your visa.
The guidance is clear that furloughed staff must receive no less than 80% of their reference pay (up to the monthly cap of £2500).
Employers cannot enter into any transaction with the worker which reduces the wages below this amount. This includes any administration charge, fees or other costs in connection with the employment.
On Wednesday 8 July 2020 as part of a summer ‘mini-budget’, Rishi Sunak delivered the Government’s response to the threat to millions of jobs due to the existing furlough arrangements being wound down from August 2020 until it planned to close at the end of October 2020. In a wide-ranging speech to Parliament, the Chancellor announced a number of schemes to look to protect jobs beyond October 2020, in particular in certain sectors and for those aged 18-24. As the Government releases further information over the coming days and weeks, we will add to these FAQs.
Business operators such as travel operators, hotels and restaurants remain vulnerable to claims of failure to protect against contracting the virus. There is a high chance of claims from employees, clients and members of the public. These are likely to be covered under public liability and employer’s liability insurance.
- Audit
- Identify your off-payroll contractors
- Determine the status of off-payroll contractors
- CEST – HMRC employment status checker for tax purposes
- Communication – liaise with affected workforce
- Contracts – get them compliant
- Consider the Ward Hadaway toolkit