Latest Government Information for Small Businesses UPDATED 23 March 2020
The UK Government have announced a number of business support initiatives and guidance in relation to the Corona Virus situation.
Corona Virus Small Business Grant
The government will provide additional funding for local authorities to support small businesses that already pay little or no Business Rates because of Small Business Rate Relief (SBBR). This will provide a one-off grant of £10, 000 to around 700,000 business currently eligible for SBRR or Rural Rate Relief to help meet their ongoing business costs.
Corona Virus Small Business Loan – OPEN NOW
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch in a matter of weeks to support businesses to access bank lending and overdrafts. Details here https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/for-businesses-and-advisors/
The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £1.2 million in value. This new guarantee will initially support up to £1 billion of lending on top of current support offered through the British Business Bank.