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