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.
7 April 2020
- 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.
Additional recent Government announcements include:
- Cash support for food redistribution during the coronavirus outbreak to prevent food waste. Update on deferring VAT payments because of coronavirus, clarifying that import VAT payments are not included.
- Update to the guidance for local authorities setting out details of the Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF), outlining information on state aid, monitoring and reporting requirements, post-payment checks and the eligibility of charities.
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.