COVID-19 – Further financial support announced by Chancellor

Yesterday afternoon, the Chancellor joined the daily public briefing in response to the COVID-19 pandemic and announced the following measures to support businesses through this unprecedented situation:

  • Government backed loans on attractive terms to large and small businesses – total pledge £330bn which will be extended if needed
    • Large businesses via Bank of England facility.
    • SMEs via extension of Business Interruption Loan Scheme – up to £5m each interest free for six months.
  • Retail, Hospitality and Leisure businesses will be able to claim on insurance policies if they have cover.
  • Retail, Hospitality and Leisure businesses with Rateable Value below £51k will be eligible for cash grant up to £25k.
  • Retail, Hospitality and Leisure businesses of all sizes to benefit from Business Rates holiday for 12 months.
  • £10k cash grants available for smaller businesses in other sectors.
  • Potential support package for airlines and airports.

For individuals, the Chancellor also announced a three-month mortgage payment holiday for home-owners and he made it clear that if further funds were required then they would be made available.

We will continue to monitor events and announcements as they occur and should you have any concerns on how your business may be affected, please get in touch with your usual Baldwins contact.