Most recent announcements from The Chancellor

The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.

 

  • An extension of the Coronavirus Business Interruption Loan Scheme (CBILS) to ensure all viable small businesses affected by COVID-19, rather than just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time. 
  • The Government has also announced it will be stopping lenders from requesting personal guarantees for loans under £250,000, and will be making changes to speed up approvals.
  • The Government will continue to cover the first 12 months of interest fees. 
  • A new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million. 

The full announcement can be read here.

 

Additional recent Government announcements include:

The 2020 National Living Wage came into effect on Wednesday 1 April. The Business rates: expanded retail discount – guidance has been updated to confirm that the government’s assessment that the expanded retail discount is not a state aid, and that local authorities should therefore award relief to all eligible properties. 

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