Any business owners here (advice needed)

J

JL2020

Member
I'm a business owner in an industry that will almost certainly be hit hard by all this which has me worried we will eventually be forced to close at least temporarily.
The problem is I dont know what to do with our staff, we have people who have been here years, I cant afford redundancy payments (would be £10k+) and would quickly run out of money paying their regular wage without getting anything coming in. This is just research at the minute as hopefully it wont come to all this and I can see it through but I have to be prepared, honestly at the minute I feel well and truly f*cked.
Any help would be appreciated.
 
Not sure how much help it would be, but there is the tax helpline:

https://www.gov.uk/government/news/...t-businesses-affected-by-coronavirus-covid-19

Perhaps you could use cash set aside for VAT or taxes to tide you over.

Also there was some news about Covid-19 being a notifiable disease, and therefore covered by some insurance. But I'm not clear on the details.

And depending on your business size there is the possibility of grants in lieu of the business rate savings.

https://www.ft.com/content/ff00ec96-6481-11ea-b3f3-fe4680ea68b5

My son's employer has asked for people willing to take voluntary "leaves of absence", or accept part time work for a few months. He's a pilot so his industry is totally b*ggered. He's seriously considering offering to take a leave of absence just to keep his job and seniority longer term.
 
I think your last paragraph was how a lot of businesses survived after the 2008 crash. This time, far more companies will be affected though so don't know if it'll work.
 
I don't know what is in those guidelines but I would make one suggestion. Get them all together and discuss it with them. Don't treat it as just your problem to solve. Make it a shared problem with a joint aim of preserving the business and supporting your employees. They in turn should be looking to support the business whilst managing their own needs.
 
JL2020. How has your business gone over the last few weeks since returning? I presume you furloughed your colleagues during lockdown?
 
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