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.
