The Chancellor has announced a bold package of measures to help support for business and workers through the coronavirus pandemic:
ACCESS TO FUNDS
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The Chancellor will make available an initial £330bn of guarantees – equivalent to 15% of UK GDP
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Major new scheme being launched by the Bank of England to help the largest firms access loans to bridge Coronavirus disruption to their cash flows
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The Business Interruption Loan Scheme announced at the Budget will increased to provide loans up to £5 million, with the first six month interest free
PUBS, BARS, RESTAURANTS, SHOPS
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All retail, hospitality and leisure businesses in England will pay zero business rates for the next year
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Businesses with a rateable value over 15k and below 51k will get £25,000 cash grants
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Confirmation that government advice to avoid pubs, clubs and theatres etc. is sufficient for businesses to claim on their insurance where they have appropriate business interruption cover for pandemics in place
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Planning regulations will be relaxed to allow pubs and restaurants to start providing takeaways without a planning application.
SMALL BUSINESSES
- For the smallest businesses in any sector eligible for Small Business Rate Relief there will be cash grants of £10,000
MORTGAGE HOLIDAY
- 3 month payment holiday for customers experiencing issues with their finances as a result COVID-19
FURTHER ACTION
- Government is working with trade unions and businesses to urgently develop new forms of employment support to help protect people’s jobs and incomes
- Government will bring forward proposals to help people who rent their home
Further details can be found here: https://www.gov.uk/government/news/chancellor-announces-additional-supp…;
