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Coronavirus: Summary of the Financial Statement

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

People

  • 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.

 

More information is available on the UK Government’s Coronavirus Business Support website. For more personalised advice call us on: 0161 237 4128 or email us at: BGH@growthco.uk

 

The information provided is meant as a general guide only rather than advice or assurance. GC Business Growth Hub does not guarantee the accuracy or completeness of this information and professional guidance should be sought on all aspects of business planning and responses to the coronavirus. Use of this guide and toolkit are entirely at the risk of the user. Any hyperlinks from this document are to external resources not connected to the GC Business Growth Hub and The Growth Company is not responsible for the content within any hyperlinked site.

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