Almost half of UK businesses expect to furlough at least 50 per cent of their staff next week, according to the British Chambers of Commerce.

Results from the BCC's first Coronavirus Business Impact Tracker paints a concerning, if unsurprising, picture for business communities affected by coronavirus.

Many businesses are struggling with cashflow, with 18 per cent reporting less than a month's worth of cash in reserve, while 44 per cent reported only one to three months' worth of cash. Only six per cent of respondents said they had over 12 months' worth of cash in reserve.

Following the government's pledge to cover 80 per cent of a furloughed employee's salary up to £2,500 a month, 32 per cent of respondents said that they were planning to furlough between 75 to 100 per cent of their workforce over the next week. Almost half of respondents (44 per cent) expect to furlough at least 50 per cent of their workforce in the next week.

Nearly one in five (18 per cent) businesses had closed operations temporarily and, although no respondents had yet closed business operations permanently, both figures are expected to rise over the coming weeks and months.

Encouragingly, most businesses are aware of the government's recent support schemes to help mitigate the impact of coronavirus:

• 61 per cent of firms knew details of the business rates holiday for the retail, hospitality and leisure sector

• 59 per cent of firms knew details of the Coronavirus Business Interruption Loan Scheme

• 57 per cent of firms knew details of the Statutory Sick Pay refund

Dr Adam Marshall, BCC director general, said: "The coronavirus pandemic has taken a heavy toll on business and economic activity across the UK.

"While businesses have welcomed the unprecedented size and scope of the government support packages, our findings highlight the urgent need for that support to reach businesses on the ground as soon as possible. The majority of firms cannot wait weeks or months for help to arrive.

"There's no escaping the scale of the challenge UK businesses are facing, yet many are already finding ways to contribute to the national effort to tackle coronavirus. Chambers and their members are working together to play their part, including gathering unused PPE equipment from local businesses and delivering them to the NHS. I've no doubt we will see further examples of resilience and innovation - the hallmarks of the UK business community - in the coming weeks and months."