As the care sector knuckles down for the long haul in the fight against the Coronavirus Pandemic, it is important that they too are aware of the options available to financially support their businesses and staff during these difficult times.
The reduction in the Bank of England base rate last week from 0.75% to 0.25% and now 0.1% and the other business support measures introduced by the Chancellor over the last few days, will go some way towards lessening the financial impact for healthcare sector; but for care homes that suffer with an outbreak of COVID19 the financial impact could be huge.
The measures introduced so far include:
Care staff will undoubtedly be classified as key workers and will be covered by the announcement made last night that schools will remain open to look after the children of those needed in the fight against this pandemic. Should they suffer financial hardship mortgage lenders have agreed they will support customers that are experiencing issues with their finances as a result of Covid-19, including through payment holidays of up to 3 months. This will give people the necessary time to recover and ensure they do not have to pay a penny towards their mortgage in the interim.
As a business, monitoring cashflow and having financial information available when seeking support will be critical. Government loans will be provided through the banks and whilst they may be underwritten they will still have to be repaid.
Taking steps now to ensure your financial information is up to date to support an application will be key for operators hoping to access working capital funding.