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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

Further information

The full statement of measures to support business affected by Covid-19 can be accessed here.