Small Businesses:: Coronavirus

(asked on 19th March 2020) - View Source

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.


Answered by
Nadhim Zahawi Portrait
Nadhim Zahawi
This question was answered on 27th March 2020

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.

  • Grant funding of up to £25,000 for retail, hospitality, and leisure businesses that own property with a rateable value between £15,000 and £51,000.
  • The Coronavirus Business Interruption Loan Scheme, which offers loans of up to £5 million for small and medium-sized enterprises through the British Business Bank.

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.

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