Blog

Government extends support to businesses affected by COVID-19

18/03/2020

The government yesterday extended its support package to help businesses who continue to be affected by the coronavirus (COVID-19) pandemic.

Chancellor Rishi Sunak announced the measures alongside Prime Minister Boris Johnson during yesterday’s daily update on how the government is tackling the crisis.

The Coronavirus Business Interruption Loan Scheme, announced in last week’s Budget, will now enable businesses to apply for lending of up to £5 million – a large increase from the £1.2 million cap that was in place when the initiative was first announced.

In addition, no interest will be due on the first 12 months, with the Scheme due to commence from next week.

Click here to read more about it, see whether your business is eligible and how to apply.

To further support businesses with cash flow and their fixed costs, the Chancellor revealed that eligible businesses in the retail, leisure and hospitality sectors could receive cash grants of up to £25,000, as well as a 12-month business rates holiday for companies in affected sectors.

And rather than the £3,000 cash grant announced last week, businesses eligible for small business rates relief will now receive £10,000 to support cash flow.


Further reading:


Comments

Some of the funders we work with

  • Accelerated Payments
  • IGF Invoice Finance
  • Time Finance
  • Castlebridge
  • Santander Corporate & Commercial
  • Nationwide Finance
  • InvoCap
  • Leumi ABL
  • Close Brothers Invoice Finance
  • Cynergy Business Finance
  • Davenham Asset Finance
  • Regency Factors
  • Blazehill Capital
  • Lloyds Bank Commercial Finance
  • Haydock Finance Ltd
  • Royal Bank of Scotland
  • Peak Cashflow
  • Ultimate Finance Group
  • Investec
  • Roma Finance
  • 4Syte
  • Clear Factor
  • Sonovate
  • Partnership Invoice Finance
  • Tradeplus24
  • Skipton Business Finance
  • Praetura Invoice Finance
  • Berkeley Trade Finance Ltd
  • Barclays
  • Davenham Trade Finance
  • Woodsford Tradebridge
  • Kriya
  • ABN AMRO Commercial Finance
  • eCapital Commercial Finance
  • PNC Business Credit
  • Giant
  • Pulse Cashflow Finance
  • Merchant Money
  • Metro Bank SME Finance
  • Optimum Finance
  • Aldermore Invoice Finance
  • Team Factors
  • MaxCap

Authorised and regulated by the Financial Conduct Authority (FCA number 730445)
We are a credit broker and not a lender and offer credit facilities from a panel of lenders