Loughborough MP Jane Hunt has welcomed the package of measures announced by the Government to help businesses weather the storm during the coronavirus outbreak.
In total, the Government has committed £330bn to help, and businesses in the Loughborough constituency will shortly be able to access the support package being made available.
The Chancellor of the Exchequer, Rishi Sunak, announced that the following measures will be introduced:
- Statutory Sick Pay (SSP). The Government will bring forward legislation to allow small and medium-sized businesses and employers to reclaim SSP paid for sickness absence due to COVID-19. Employers should maintain records of staff absences, but employees will not need to provide a GP fit note.
- Business Rates. The Government will introduce a business rates retail holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Businesses that received the retail discount in the 2019-20 tax year will be rebilled by Charnwood Borough Council as soon as possible. A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
- Small Business Grant Funding. 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 (SBRR). This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief to help meet their ongoing business costs.
- Business Interruption Loans. A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will shortly be launched to support businesses to access bank lending and overdrafts. 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.
Speaking after the announcement by the Chancellor, Jane commented:
“Over the course of the past few weeks, many local businesses have contacted me worried about how they will cope during this difficult period. The Government is serious about protecting businesses and has committed a huge package of financial support to help them during the coronavirus outbreak.
“I would encourage local businesses who do have concerns to apply for the Government support available. All the information will appear on the GOV.UK website and I will have link on my website as well.”
More information about help for businesses can be found here: www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
Jane also has a dedicated coronavirus section on her website here: www.janehunt.uk/coronavirus