18th March 2020
Following the announcements made by the Chancellor on 17th March, the Gov.uk website has now been updated.
Details of the Chancellor’s statement can be found here
Financial Support for Business
The details behind the financial support for smaller businesses through business rate relief is yet to be released by Government but announcements will follow regarding the scheme criteria.
£20bn of business rates support and grant funding was announced to help the most-affected firms manage their cashflow through this period by:
The current size criterion for the Business Interruption Loan Scheme, designed to support businesses that are viable but unable to obtain finance due to having insufficient security to meet the lender’s normal requirements, is up to £41m turnover.
The latest details on that are below:
Full details of the scheme, including eligibility criteria, will be available on the British Business Bank website as soon as it is launched.
Further Advice
The Government has produced guidance for employers and businesses.
The Chartered Institute for Personnel and Development has produced a fact sheet, which sets out how employers should respond to the threat from Coronavirus.
The D2N2 Growth Hub will continue to provide updated information for businesses as it becomes available. Please refer to this news feed for the latest information.
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