The government has said they will do ‘whatever it takes’ to support businesses during the economic crisis caused by coronavirus.
The announcement came after the Chancellor of the Exchequer, Rishi Sunak, increased the amount of money available from his budget announcement last week.
Ten Times The Amount Available
Rishi Sunak revealed that he has increased the amount of low interest loans available from £30billion up to £330billion!
These loans will be available from next week, and if the demand is greater, this figure will keep on increasing: he will do ‘whatever it takes’.
“We will support jobs, we will support incomes, we will support businesses… We will do whatever it takes.
Business Rates Holiday Extended
Rishi Sunak’s ‘blank cheque’ approach continued as he revealed that the 12 month business rate holiday was extended to all firms in retail, leisure and the hospitality industry.
The government has previously said that they will be covering these business rates during the 12 month holiday.
More Cash Grants Available
Cash grants were also made available by the Chancellor.
Rishi Sunak announced that there would be grants up to £25,000 per business, for small businesses who have a rateable value below £51,000.
There will also be cash grants for 700,000 of the smallest businesses, and this figure was more than tripled: from £3,000 to £10,000.
In the final huge announcement, RIshi Sunak revealed that if homeowners were struggling with paying their mortgage, they would be granted a 3-month holiday from paying.
This will come at a huge relief for those who are most financially impacted by coronavirus.
More Daily Announcements
The Prime Minister has continued to communicate with the country through his daily meetings.
It’s expected that there will continue to be more announcements as the situation progresses, and we’ll do our best to keep you up to date with all of the developments.
We want to help you and your business be as prepared as possible, and understand the relief available to you during this economic crisis.
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