The Government has announced the following support is available for business affected by Coronavirus / Covid-19:
- Any business who needs access to cash to pay their rent, salaries, suppliers or purchase stock will be able to access a government backed loan or credit on attractive terms.
- To ensure larger firms liquidity – a new lending facility has been set up to provide low cost, easily accessible commercial paper. (*to start week commencing 23/03)
- To ensure small / medium sized business liquidity - extending new BI loan scheme providing loans of up to £5m with no interest due for first 6 months. (*to start week commencing 23/03)
- Businesses within Retail, Hospitality & Leisure sectors with a rateable value of < £51,000, no business rates due this year and an additional cash grant of up to £25,000 / business.
- Extending business rates holiday to all businesses within those sectors irrespective of their rateable value for 12 months.
- £10,000 cash grants to 700,000 of our smallest UK businesses.
- Mortgage Lenders now to offer 3 month mortgage holiday.