I've spent the last few days speaking to lots of people who are concerned about their jobs, their livlihoods, keeping a roof over their heads, their health etc.... there is already lots of advice in public domain about best health practice however in terms of the financial side
Of things, somethings to consider 1. If you are concerned about not being able to pay your mortgage for whatever reason, engage with your bank asap. The banks will work with you in terms of any payments missed, and should have a number of options available. 2. Business owners
Need to review their business plans for the next 6 months. According to @davidmcw we will likely enter "quarter on quarter" recession, hitting the high street, our retailers,pubs, restaurants, hotels etc the hardest. Turnover will be badly hit so overheads /
All costs need reviewed & reduced for next 6 months 3. If concerned about your rent, you need to engage with landlord straight away, & depending on your own scenario it might mean presenting a quarterly proposal in terms of rent which is more affordable. Some LL will play ball
Some won't, but failure to tackle this head on could be fatal. 4. Business rates - engage with local business organisation and LPS with a view to getting business rates holiday for next 3 months, reviewed quarterly. I know some business owners won't be in position to pay rates
April, May & June. @niexecutive needs to implement Eng/Wales rates relief immediately in NI. In ROI similar approach required. 5. Engage with local business organisation & revenue requesting VAT holiday. @niexecutive needs to enter stage here & give more businesses guidance& help
So in relation to any financial matters, it's vital anyone with any concerns starts to engage with appropriate parties asap. So many businesses are not going to make it through the next 3 months, it's completely unprecedented, so we need to all empower ourselves to ask for help
Finally, financial matters are important, but they can be remedied, and we can all start again, what's more important is we look after ourselves and each other better. Balance sheets and P&Ls come & go, people don't.
Take care #Covid19 🙏
Take care #Covid19 🙏
