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Coronavirus – the latest help for businesses

Coronavirus – the latest help for businesses

There is currently little specific detail on how this will operate. Having spoken to contacts at commercial banks we understand that the assistance programme will be operated through these banks, although they are still waiting for more details themselves. We think there will be better information available by Monday 23 March 2020.

We understand that the government will guarantee 80% of the new debt which means that the banks will still be applying commercial credit risk criteria to applications. We don’t know how the credit process will operate given the volume and urgency of applications.

Our advice to clients is that they should make contact with their bank managers now so that businesses can be in the best possible position when further details become known. Each bank is likely to have its own criteria and clients need to understand their own bank’s position as soon as possible.

The team here is monitoring the situation carefully and will provide updates as soon as more detail is known.  In the meantime do not hesitate to contact a member of your local corporate or banking team.

All the latest views and insights on coronavirus.