UK Government Support for Businesses
Today, Chancellor Rishi Sunak announced a £330 billion lending plan for small businesses amidst panic from business owners concerning the Coronavirus panic that is sweeping the globe.
As the UK goes into social lockdown with Prime Minister Boris Johnson advising that people work from home and avoid busy public places like bars, pubs, restaurants and theatres, the government has moved to assure business owners that they will have support.
Chancellor Rishi Sunak has said that the government will provide support to business owners in the form of government backed and guaranteed loans to the value of £330billon.
These guaranteed loans will be available to businesses from Monday and will be equivalent to 15% of GDP, with an increased limit of £5million interest free for six months.
In addition, there will be grants available to 700,000 of the UK’s smallest businesses, worth a total of £2.2billion to ensure local economies keep growing.
These are incredibly tough times for businesses, with footfall on the high street falling but the government is doing everything it can to support businesses. If you need help, advice or guidance on how to protect your business, visit the government website: https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-employees-employers-and-businesses