The budget on 3rd March was directed at support through what is hoped are the final stages of lockdown and restrictions, and the recovery of the economy and businesses, which are intended to reopen progressively, and by 21st June, many of the restrictions are intended to be relaxed for the UK as a whole. The Chancellor has extended the Furlough Scheme to 30th September and announced a new Recovery Loan Scheme to replace CIBLS and BIBLS which will cease on 31st March. He has also extended help in the form of grants, rate relief and time to pay – all aimed at getting businesses through to full opening again!
Full details of these schemes are given in our updated timeline, which we have again produced in conjunction with the IFT and targeted specifically at SME businesses. If you would like any help in navigating your business through this period, or producing the financial forecasts which will be essential to do so, please get in touch.