May 13 coronavirus update for businesses

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Furlough scheme extended

Chancellor Rishi Sunak has announced an extension to the furlough scheme, which was due to expire at the end of June.

The Coronavirus Job Retention Scheme, which pays furloughed workers 80 per cent of their current salary, up to £2,500, will now run until October 31.

Adam Marshall, director general of the British Chambers of Commerce said: "The government has demonstrated once again that it is listening to the concerns of our business communities. The launch of a government-backed guarantee to support the provision of trade credit insurance will help ensure that this vital lifeline remains available to businesses during and after this crisis, helping to maintain supply chains and trade."

Meanwhile, the government has also published new guidance about safely returning to work.

Businesses receive more than £15bn in support

The banking and finance industry has provided almost £15 billion to over 304,000 businesses so far through the three major government-backed lending schemes.

The figure includes the £8.4bn which has been approved to 268,173 businesses through the Bounce Back Loan Scheme in the week since it launched.

£6bn has been provided to 35,919 businesses so far through the Coronavirus Business Interruption Loan Scheme, and £359m to 59 mid-sized and larger UK businesses through the Coronavirus Large Business Interruption Loan Scheme.

Stephen Jones, chief executive of UK Finance, said: "The banking and finance industry is determined to play its part in helping businesses of all sizes get through these tough times. It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying."

Accountants help doctors and practices claim relief

Through its work with the Association of Independent Specialist Medical Accountants (AISMA), MHA Moore and Smalley has contributed to a reimbursement toolkit which can be used by practices to claim back costs for additional work during COVID-19.

Deborah Wood, partner at MHA Moore and Smalley, is also vice chairman of AISMA, said: "MHA Moore and Smalley has a dedicated healthcare team across the North West and East Midlands advising medical businesses on a wide range of key business issues.

"We’re delighted to have supported AISMA on their work with the BMA to assist medical practices across the UK at a critical time and ensure they can efficiently claim back costs for their vital, life-saving work during the COVID-19 pandemic.”