UK Government COVID-19 Business Environment Update
19 March 2020
Business Environment Update
Chancellor announces additional financial support to protect businesses impacted by Covid-19.
On Tuesday 17 March, the chancellor announced a number of new financial measures to support businesses including:
• support for liquidity amongst large firms, with a major new scheme being launched by the Bank of England to help them bridge Coronavirus disruption to their cash flows through loans
• increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme from £1.2 million to £5 million, and ensuring businesses can access the first 6 months of that finance interest free, as Government will cover the first 6 months of interest payments
• including new legal powers in the Covid Bill enabling us to offer whatever further financial support we think necessary to businesses
Providing £20 billion of business rates support and grant funding to help the most-affected firms manage their cashflow through this period by:
• giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months
• increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000
• providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000
The full statement of measures to support business affected by Covid-19 can be accessed here.