By Daniel Lanyon on Tuesday 14 April 2020
The Government has stepped in to pay millions of workers salaries to retain jobs amid the coronavirus disruption but many smaller firms are facing immediate cash flow issues.
Muse an app aimed at SMEs has launched an interest free loan available to all new and existing customers aimed at bridging the gap between paying wages and receiving payment from the Government.
The unprecedented Coronavirus Job Retention Scheme, which may support up to 9 million workers, has left many firms releived that long term they can avoid bankruptcy but worrying about how to cover their next wage bills whilst they wait for the launch date of the scheme.
Muse currently offers a range of invoice finance products, from selective discounting to full factoring services and is currently taking part in the Barclays Accelerator program.
Ann Marie Juliano, founder and CEO of Muse says despite the schemes the government has put in place, it is looking like furloughed workers won’t be paid until May at the earliest.
“Muse are offering to advance approved furlough relief, with no fees, for new and existing invoice finance clients supplying local or national government, enabling SMEs to pay their employees on time."