Following an internal review of the Government’s financial support packages, the Glass and Glazing Federation (GGF) has formally written to The Chancellor of the Exchequer highlighting the current cash flow crisis in the glass and glazing industry, caused by the COVID-19 outbreak.
In the communication, the GGF also stressed to the Chancellor that the length of time the claim to payment process is taking will mean money under the new Government schemes might not reach companies in time, with an anticipated 6-8 weeks process period.
The GGF letter also proposed three ways the Government could improve the current financial situation for many small to medium sized companies during the COVID-19 crisis.
The three proposals include:
- That glass and glazing companies be made eligible for the Cash Grant Scheme (that is currently open only for companies in the retail, hospitality and leisure sectors)
- That glass and glazing companies are made eligible to apply for the current Business Rates Holiday (currently only open to companies in retail, hospitality and leisure sectors)
- To increase the maximum amount that can be claimed under the Small Business Grant Funding scheme from £10,000 to £30,000
The GGF has asked the Chancellor to treat these proposals as a priority to prevent many small to medium sized companies potentially going out of business and causing greater problems throughout the supply chain and to the wider economy.