Coronavirus – A further package of support for businesses

Tuesday 17 March, a week on from the Budget, The Chancellor, Rishi Sunak, unveiled a further package of support for businesses to face the challenges posed by the Coronavirus, including:

  • A package of £330 billion of loan guarantees to businesses, with more to be made available if needed – an unprecedented of offer of support from the UK Government
  • The new Coronavirus Business Interruption Loan Scheme, will launch next week and specific details on how the application process will work in practice has yet to be released.
  • This now includes loans increased up to £5m, from the £1.2m announced at last week’s Budget, interest free for the first six months and largely secured by the Government – specific details yet to be released.
  • Grants of £10,000 for the smallest businesses and up to £25,000 for businesses whose properties have a rateable value of less than £51,000.
  • A 12-month business rates holiday for all shops, pubs, theatres, music venues, restaurants and any other hospitality or leisure business.
  • A three-month mortgage holiday for those in difficulty because of the Coronavirus, but no help yet for the millions of people renting their home.

For advice, help and support, please contact your usual Dafferns contact partner or manager

Stay healthy and resilient

Martin Gibbs
Dafferns Managing Partner