The Government has unveiled an unprecedented package of financial measures to shore up the economy against the coronavirus impact.

It includes £330bn in loans, £20bn in other aid, a business rates holiday, and grants for retailers and pubs. 

To ensure that businesses have access to the funds they need, the Government is providing:

• support for liquidity amongst large firms, with a major new scheme being launched by the Bank of England to help them bridge Coronavirus disruption to their cash flows through loans
• increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme from £1.2 million to £5 million, and ensuring businesses can access the first 6 months of that finance interest free, as Government will cover the first 6 months of interest payments
• including new legal powers in the Covid Bill enabling the Government to offer whatever further financial support we think necessary to businesses

Providing £20 billion of business rates support and grant funding to help the most-affected firms manage their cashflow through this period by:

• giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months
• increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000
• providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000
• remove the requirement for planning permission for pubs and restaurants to provide takeaways.

The help announced is not for just business, additionally the Government announced that people experiencing financial difficulty as a result of Covid-19 can get a Mortgage Holiday of up to 3 months.

More information about business relief can be found here. 

or contact the Business Support Helpline for free advice.

Business Support Helpline (England)
Telephone: 0300 456 3565
Monday to Friday, 9am to 6pm