The Sunday Times has reported on a poll by the British Dental Association that 70% of practices say that they can only maintain financial viability for a maximum of three months, with 20% saying that they may only be able to survive for one more month.
The poll is alarming and we have had emails from private practices in particular asking for help. So what measures can practices take and what help is available to the sector?
- Grants - £10,000 cash grants from local authorities have been made to some small businesses, and dental practices with business rates under £51,000 are eligible for these grants.
- Furloughing staff - staff who undertake private work can be furloughed. The Government will then pay 80% of their salary up to £2,500 per month for a period of three months (this may possibly be extended). We would be happy to assist with revising employment contracts and guiding you through this process.
- Insurance - it is unlikely any dental practice has pandemic cover so unfortunately there is little help available from insurers.
- Rent holidays - you may consider asking your landlord for a rent break or reduction as a result of this situation. We can assist if you want to engage us to draft a letter in this regard.
- The BDA Benevolent Fund - the charity provides financial aid to dental students, dentists and their families in need, whether they are in training, in practice, have left the profession or are retired. For more information please see: https://www.bdabenevolentfund.org.uk/
- Loans - Government-backed loans of £330 billion have been made open to all businesses, including dental practices. You should contact your bank for further information.
- Liquidation - if the above options are not assisting you and you need to implement administration or a liquidation process we can assist.
For further information on how we can support you and your business please contact or Helen or your regular contact at Charles Russell Speechlys.
Large parts of the UK’s dental service are at risk of imminent collapse without urgent steps to support small business says the British Dental Association