Yesterday, the Chancellor announced further support for businesses and individuals which could prove invaluable to those suffering from the economic impact of the global Coronavirus pandemic.
Sunak’s bold measures sought to assure all those affected that the Government was determined to ‘do whatever it takes’ to support the economy through the crisis.
Support for businesses
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- Government backed loans and guarantees totalling £330bn – the equivalent to 15% of GDP and accessible as early as next week:
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- Larger firms will access these funds through low cost loans from the Bank of England
- Small and medium sized business will benefit from an extension of the Business Interruption Scheme, borrowing up to £5m from accredited lenders, paying no interest for the first six months.
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- Cash grants of up to £10,000 to to aid cashflow of the 700,000 smallest UK businesses.
- Businesses in the retail, hospitality and leisure sectors including those worse hit including pubs, theatres, and restaurants benefit from:
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- Paying no business rates for the rest of the year
- Cash grant of up to £25,000 for those business with a rateable vale of less than £51,000
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- The Chancellor also announced at last week’s budget that the Government will be supporting SME’s by reimbursing the cost of statutory sick pay.
- Mortgage lenders will offer at least a three-month mortgage holiday to all those who are facing financial difficultly as a result of the crisis.
- New forms of employment support to help protect jobs and incomes will be announced over the coming days.
Support for individuals
If you wish to discuss accessing any of the above, please get in touch with your relationship manager or [email protected]