The economic reality of the Coronavirus is that no matter what hardships our economy faces and how desperate our finances appear, one day our economy will be resurrected.
Of that there can be no doubt. Unfortunately, we cannot say the same for those loved ones who are tragically lost to this pandemic. Our nation’s health is therefore rightly being prioritised by our Government, at whatever economic cost, and this should be applauded.
That said, the economic resurrection will be neither soon nor speedy for most. There is presently huge uncertainty as to the answers to questions such as……When will ‘lock-down’ conditions be released? Will the UK be exposed to a second peak? And when will Corporate UK be fully reopened for business?
Prudently speaking, I would expect the answer to all these questions to be answered at some point later this year
On this basis, life for most SME business owners should by Christmas 2020 be one of assessing the damage caused and the losses incurred. Owners will have begun the process of mapping out a rebuilding plan to try to recover their business back to a pre-Coronavirus level.