THE CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME
The Coronavirus Business Interruption Loan Scheme offers loans of up to £5 million through the British Business Bank. The scheme is being offered to support primarily SMEs to access bank lending and overdrafts. The Government will provide lenders with a guarantee of 80% on each loan and will cover the first 12 months of interest on behalf of the business. The full rules of the scheme and the list of accredited lenders is available on the British Business Bank website. All the major banks will offer the Scheme once it has launched.
Tom Gooder, our head of business development and former HSBC relationship manager reports: “I’m talking to the main High Street banks on a daily basis and am requesting updates as soon as they are available. This is a very fast-moving situation with many variables from the lenders’ perspective in terms of physically delivering the funds, so I am hopeful the process has been as streamlined as possible for fast easy access and decision-making to support businesses.
“I am advised that the banks are expecting sound proposals from viable clients and that consideration has been given to all possible support available, as well as any support that the business owners/directors are providing and also what can be done to manage costs. Due to the expected volume of requests the banks are going to see, it is important clients get this right and it is positioned with the best chance of approval at the outset, as lengthy delays could occur. There are other finance providers in the market who can assist in my network and I would like to help in any way I can, so please do contact me if you need help.”
I always get quick, clear and definitive responses from the Harwood Hutton tax team – commercial answers to commercial issues.Robin Berry – Morgan Management
Right from the outset Harwood Hutton gave us direction and great advice – and that advice has evolved over the years as we’ve grown. We’re both medium-sized companies providing a bespoke service – one furniture, one accountancy – and the relationship works.Andy McCarron, McCarron and Co
I’m deeply impressed with Harwood Hutton’s extensive knowledge of tax arrangements for residential and commercial property landlords.Qadeer Ahmed, MD, ABA Finance
They really took their time to understand what was important to us and our business and the expertise we required. Whoever we speak to at HH, we get the same fantastic response and technical input. It’s a real partnership.Edward Finch, group MD, MRIB insurance brokers
I have worked with the directors at Harwood Hutton on a number of mutual client matters over many years. The reassurance of their clear, commercial and focussed advice is one of the main reasons I regard this as one of my most valuable professional relationships.Frank Wessely, Partner, Quantuma LLP
Harwood Hutton never seem to rest on their laurels. They are always seeking out new avenues and ways to improve their offering. A very forward-thinking company with staff who are always well briefed and who approach each task with drive.Karl Austen, MD, Surefoot Communications
We have engaged Harwood Hutton in several areas of structuring, including VAT issues, decoupling an SPV from a group structure and HMRC clearance for a transaction. The team have exceeded all expectations by being proactive, measured and very thorough.Adam Fawsitt, Director, FHT Limited
We moved to Harwood Hutton as they delivered a succinct and professional proposal. If anything, we have been more impressed post-move. They are a fantastic company to work with. They do truly differentiate. They have the skills and capabilities of a mega firm but with a personal service.Edward Finch, group MD, MRIB insurance brokers
Join our mailing list to receive important news and insights for business leaders and private individuals