Almost two-thirds of small businesses have been hit by late or frozen payments during the Covid-19 pandemic, according to a report by the Federation of Small Businesses.
The FSB said its survey of more than 4,000 buinesses showed most small firms have been affected, deepening the already crippling late payments crisis.
A spokesman for the Department for Business, Energy and Industrial Strategy (BEIS) said: “Late payment can mean the difference between survival and bankruptcy for many small businesses. We expect big companies to stand by their smaller partners and pay them on time.
1pm plc (LON:OPM), established in 2006 is an independent provider of finance facilities to the SME sector. The 1pm plc group offer a full range of business finance solutions to the UK market from asset finance, hire purchase, commercial loans through to invoice finance and factoring.