A support thread for business owners during COVID 19

[Eveknowsme]

Hi there, I just thought I’d reach out to see if any one was in the same boat as me with regards to their business going down the toilet due to lockdown?

We’re office based, have furloughed some staff, have skeleton staff in to proceed with that was already in the pipe line.

But I’m bloody worried now with no new revenue coming in.

So would any one like to join me for a moan, hang hold or a

[ChrissieKeller61]

I could go with a large latte please. I’m in sales and international at that so as soon as Germany closed its borders I lost £10,000. Same week the pipeline of an additional £30,000 vanished. I’m still grieving tbh

[Leafyhouse]

One thing I did do was go to the office and just check that the place hadn't flooded. In the pile of post was a form inviting me to apply for a £10k grant, which has saved our bacon (so far). So it might be worth thinking about.

[Eveknowsme]

Oh shit Chrissie that awful I’d be grieving too. We are primary sales and had to turn our campaigns off as it was costing too much and no new leads so officially were sitting ducks. Here’s a large latte with a glug of brandy

Leafy we’re all over it. Fortunately we have a brilliant financial manager who’s applied for every thing. Glad your office wasn’t flooded! And hope you get the grant!

[Blobby10]

I'm running a small engineering firm whilst the MD (74yrs old!) acts as carer for his wife who has been ill (not COVID) since mid Feb. We really struggled last year as everything was on hold due to Brexit. Just getting back on our feet when COVID19 hit. We have 18 members of staff, 15 of whom have never worked anywhere else. We've furloughed half of them but those who can do more than one job are in doing restricted hours/days (at double time!) to keep our key customers happy. But orders are slowing down considerably. I have to decide next week whether to extend the furlough and include everyone who has worked these past 3 weeks or keep doing what we are doing. We have cash reserves for a couple of months but really not sure we will bounce back from this one.

[Eveknowsme]

Welcome Blobby - why are you paying them double time? We’ve got about 3-4 months reserve before we’re out. I’m hoping the grants and loans the government say we are entitled to do actually come through as I seen on tv the other day just 0.25% have actually been accepted so far - which is dreadful.

I think it’s finally hitting me now how bad things are going to get financially.

[Blobby10]

@Eveknowsme we are paying them to acknowledge the perceived risks they are taking in coming to work whilst their colleagues are being paid in full to stay at home. To be honest its only fair that they get some financial benefit from keeping the company going! Its a very unique company - bit like a huge and dysfunctional family that anyone coming in from outside really doesn't understand. .

Customer just told me about a £10k grant he's applied for (similar small business) and received in his bank today. Has anyone else got this? Seems a bit too good to be true but it would help us immensely.

[Leafyhouse]

I did get the £10k grant. It comes from your local authority, and it's based on the rateable value of your building, so definitely worth checking.

[ChrissieKeller61]

We don’t have premises which saves me a lot more than £10,000 a year so happy to not qualify for that one. Looking forward to the self employed assistance though

[Eveknowsme]

We received the £10,000 and it was very straight forward. Heard nothing back about the loan or grant yet.

Blobby that’s really generous! Where can I apply?

[Eveknowsme]

Chrissie everything helps. What we will get won’t even scratch the surface of our outgoings though😬

[Eveknowsme]

Bump for the evening crew!

[Leafyhouse]

Fuck me. 100% state guaranteed loans up to 25% of turnover, maximum £50k. And all you have to fill in is a 2 page self-certification. I think a pig just flew past my window.

I've just been sat here for the past 2 hours wringing whatever I could from my cash flow spreadsheet, and it just looked horrific from every angle. Then I heard this story.

Gotta hand it to Rishi Sunak, he plays big numbers. Anybody know how this compares to deals in other countries?

[ChrissieKeller61]

Yes @Leafyhouse I believe all you have to do is offer your house as security and the monies all yours