Supporting SME’s Navigate the Impact of COVID-19

Supporting SME’s Navigate the Impact of COVID-19




We are moving into a time of unprecedented challenge, McEvoy Craig will remain open for business and all our usual lines of communication are available to you.  Our IT system allows our team to work remotely where necessary. This facility will ensure that we continue to provide uninterrupted support to you.


The difficult decisions the government have had to make over the last week will have a significant impact on trading for all businesses, which in turn is impacting cash flow and liquidity. Businesses will also have to make difficult decisions over the coming days and weeks.


Here are some immediate actions that can address trading and cash flow impacts;

 

  1. Revenue Payments: Revenue have published guidance that they will not charge interest on late payments or take any enforcement action for the non-payment of taxes. You should continue to make tax returns on time. Click here for further details 
  2. HR Support & Advices: Click here for further details.
  3. Government Agency Support: Click here for further details.
  4. Support from Pillar Banks: The main banks are advising that if you need to defer repayments they will assist businesses but you must contact your bank immediately.
  5. Insurance: Review your insurance policies to identify any provision for making claim for losses arising from Business Interruption
  6. Property Rent: Review the terms of each lease and begin discussions with property owners to seek a moratorium. There may be a greater negotiation position if your landlord is in a position to seek a moratorium from mortgage repayments.
  7. Creditors: Engage with your key suppliers now to review existing credit terms and continue regular communication to ensure continuity of supply. Make contingency plans for alternative supply if required.
  8. Other Key Stakeholders: Communicate regularly with your key investors in order to retain confidence and support.


Please take care and stay safe.


Gail McEvoy

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