Following on from the Budget 2020, the Chancellor announced an enhanced package of support for business Tuesday 17 March.
Rishi Sunak, the Chancellor of the Exchequer made a financial statement on Tuesday 17 March to enhance the support made available in the Budget for businesses and individuals impacted by COVID-19.
The packages of support is worth £330bn – equivalent to 15% of UK GDP.
These measures include:
Coronavirus Business Interruption Loans
- To support lending to small and medium sized businesses, the new Coronavirus Business Interruption Loan scheme announced in the Budget will increase the total loan value from £1.2m up to £5m, with no interest due for the first six months. 80% of Loan value will be guaranteed by the government.
Hospitality, leisure and retail sector support
- All businesses in the retail, hospitality and leisure sectors will pay no business rates this year, regardless of their rateable value.
- Businesses with a rateable value of less than £51,000 can access an additional cash grant of up to £25,000 per business.
Small business grants
- Firms eligible for small business rates relief, around 700,000 businesses, will receive £10k cash grant to support their cash flows
- Mortgage lenders will offer a three-month mortgage holiday to those in difficulty due to coronavirus.
- Further developments are expected in the coming days, following work with trade unions and businesses to develop new forms of employment support to help protect jobs and income.
Read the full context of his speech here.