Additional business financial support measures…

In yesterday’s press conference, Prime Minister Boris Johnson and Chancellor Rishi Sunak announced further measures to protect small businesses through the current Coronavirus upheaval.

Many of these build on measures announced in last weeks’ Budget, the key changes being as follows:

1. The previously announced fund for the Coronavirus Business Interruption Loan has been increased from £1.2bn to £330bn, with ‘unlimited funding’ promised if more is needed.
2. The previously announced limit of £1.2m per business has been increased to £5m per business.
3. Business rates support and grant funding has been increased to £20bn.
4. All hospitality, retail and leisure businesses in England will qualify for a business rates holiday for 12 months. These businesses are also able to apply for £25,000 grants.
5. The £3,000 grant that had been announced for small businesses eligible for Small Business Rate relief has been increased to £10,000.
6. Mortgage lenders will allow mortgage holidays of up to 3 months.
7. Pubs and restaurants are allowed to provide takeaway services without a planning application.

The message from Government was that this is a significant but temporary event, and that support will be made available to protect businesses.

As we mentioned in yesterday’s video, Coronavirus – The most important step to take..., many of the details of these schemes are yet to be made available. We will of course keep you up to date with those as soon as we have them, or you can use the links listed below. If you have any questions, please do get in touch.

The primary information feeds are as follows:

The Coronavirus Business Interruption Loan Scheme

Coronavirus Guidance for Employees, Employers and Businesses

COVID-19: Guidance for employers and Businesses

Tax Helpline to Support Businesses affected by Coronavirus

NHS Coronavirus Information Page