Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support freelance and self-employed people who take only dividends from their business.
Answered by Jesse Norman - Shadow Leader of the House of Commons
I refer the Honourable Member to the answer to Parliamentary Question 54215 on 9 June 2020.
Asked by: Simon Baynes (Conservative - Clwyd South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of his Department's covid-19 support schemes for (a) small businesses, (b) SMEs and (c) large businesses.
Answered by Kemi Badenoch - Leader of HM Official Opposition
The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. On 12 May the Government published new statistics that show businesses have benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis. This includes:
· 268,000 Bounce Back Loans (BBL) for small businesses, worth £8.3 billion
· 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme (CBILS) for SMEs
· £359 million through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) for large firms
Figures from the Bank of England show that over £17.5 billion has been distributed to large firms through the Covid Corporate Financing Facility (CCFF). Together, these schemes ensure almost all viable UK businesses can apply for a government backed loan.
In addition, the Government has implemented a range of further measures which are providing support to millions of businesses of all sizes, including:
· The Coronavirus Job Retention Scheme (CJRS) – now extended until October
· A 12-month business rates holiday for all eligible retail, leisure and hospitality businesses in England
· Grant funding for small businesses, and retail, leisure and hospitality businesses
· VAT deferral for up to 12 months
· The Time To Pay scheme, through which businesses in financial distress, and with outstanding tax liabilities, can receive support with their tax affairs
· Protection for commercial leaseholders against automatic forfeiture for non-payment until June 30 2020