Financial Support

Last week, in the Budget, the Government set out a £30 billion package of financial firepower to help tackle the virus and its effects.  (Including an initial £5 billion contingency fund for the NHS and social care system.)

Our priority is protecting life but we are acutely aware of what we need to do to support small businesses over what will be an extremely difficult time. 

Interest Rates have been cut and to support around 700,000 businesses eligible for Small Business Rate Relief, local authorities are receiving a total of £2.2bn to provide £3,000 grants to help meet ongoing business costs.

We are launching on 1st April a new temporary Coronavirus Business Interuption Loan Scheme.

We have changed the rules on both Statutory Sick Pay and Welfare Benefits to provide immediate support to those in need (including the self employed).

The Government stands ready to provide further financial support as this proves necessary.

News

Bounce Back Loans for Businesses

Yesterday the Government announced a new scheme for those in need of smaller loans. Businesses can apply for the Bounce Back Loans up to a maximum of £50,000, or 25% turnover, with the Government paying the interest for the first 12 months. 

Chancellor of the Exchequer on Economic Response to Coronavirus

Yesterday the Chancellor of the Exchequer, Rishi Sunak, announced further support in terms of the economic response to coronavirus.

The Chancellor has made available an initial £330 billion of guarantees- equivalent to 15% of our GDP. 

DWP Face-to-Face Assessments and Coronavirus

I have been advised that the DWP, out of concern for the health of both DWP staff and claimants, are from 17th March suspending all scheduled face-to-face assessments for health and disability related benefits with immediate effect for the next three months.