Coronavirus Update: Chancellor announces additional support to protect businesses

Chancellor Rishi Sunak announced yesterday (17 March 2020), that the government will do ‘whatever it takes’ to support businesses throughout the Coronavirus crisis.

After pledging £12 billion to soften the impact of Covid-19 last week, the government confirmed they will give ‘businesses the tools to get through the crisis’, with access to a £350 billion package of grants, loans, and business support.

The announcement outlined the following measures for funding:

  • Support for liquidity amongst large firms, with a major new scheme being launched by the bank of England to help bridge Coronavirus disruption to their cash flows through loans.
  • Coronavirus Business Interruption scheme increased loan borrowing from £1.2 million to £5 million, with the first 6 months of finance interest free.

Support for business rates and grant funding to help affected firms manage their cash flow through this difficult period:

  • A 100% business rates holiday for the next 12 months for all retail, hospitality, and leisure businesses.
  • An increase from £3,000 to £10,000 in grants for small businesses eligible for Small Business Rate Relief.
  • Additional £25,000 grants to retail, hospitality, and leisure businesses operating from small premises, with a rateable value over £15,000 and below £51,000.

To find out more about accessing the above support, please contact our team on 01905 677 888 or email info@business-central.co.uk

For further information on the support and guidance regarding the Coronavirus, please visit our dedicated page.

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