Support for businesses affected by coronavirus
Whilst the full extent of the coronavirus (COVID-19) remains unknown and the UK's response to the virus is constantly evolving, the one thing that is clear is that the economic impact could be significant and far reaching.
The Chancellor has announced several measures to help businesses at this very difficult and uncertain time:
Business Loans, Rates and Grants
- Government-backed loans worth £330bn will be made available to support businesses through the coronavirus crisis as part of "unprecedented" measures to help businesses and families.
- Interest-free business interruption loans will be increased to £5m, up from £1.2m announced in last week's Budget. Additionally, no interest will be due for the first 6 months.
- A 12-month business rates holiday for all shops, pubs, theatres, music venues, restaurants and any other hospitality or leisure business.
- A cash grant of up to £25,000 for those businesses with a rateable value of less than £51,000.
- A three-month mortgage holiday for those in difficulty because of coronavirus.
- Cash grants of £10,000 to £70,000 for the smallest businesses.
Applications often require a cash flow forecast to support them. If you need help with this - or with the application itself - please get in touch with us.