Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what advice and support the Government is providing to businesses that have taken on planned seasonal debt in the low season in the expectation of being able to repay that debt in the high season but may be unable to do so as a result of the covid-19 outbreak.
The Government has made a package of temporary measures available to support public services, people, and businesses through this period of significant disruption. These measures are intended to help businesses that may experience cashflow problems and include:
Grant funding of up to £10,000 for small businesses in receipt of Small Business Rate Relief or Rural Rate Relief, administered through local authorities in England.
We would also encourage businesses to consult their creditor in the first instance. If businesses have an existing loan or asset purchase, such as a lease or hire purchase agreement, they may wish to ask for a repayment holiday.