National and Devolved Politics

23.03.20

Gov launches coronavirus business support worth £330bn

From today (Mon 23) businesses struggling to stay afloat amid the coronavirus pandemic will be able to access government support.

Announced by the Treasury and Department for Business, Energy and Industrial Strategy (BEIS), the funding pot will help to keep businesses operating during the global economic crisis currently being faced.

Two new loan schemes are also in the pipelines, details of which are being confirmed for publication as well as a national campaign aimed at informing businesses how to access the help.

Over £330bn worth of loans and guarantees is available to alleviate cash flow issues during this uncertain period.

The new Coronavirus Business Interruption Loan Scheme is open for applications from any viable business with a turnover of up to £45m.

Government-backed finance of up to £5m is available to those eligible with interest payments and any lender-levied fees for businesses covered by the government for an initial period of up to twelve months.

The Chancellor of the Exchequer, Rishi Sunak, said:

“We are working round the clock to do whatever it takes to protect our people and businesses.

“That means that we are not only taking unprecedented action but doing so at unprecedented speed, because we know that businesses and their employees need help now.”

The Covid Corporate Financing Facility, the new lending facility from the Bank of England, also launches today to raise working capital for companies who are generally stable but are suffering severe cashflow disruptions.

Companies will need to be able to prove that they were financially strong prior to the outbreak to qualify for the scheme.

Business Secretary, Alok Sharma, said:

“We know that businesses are in urgent need of access to funding during these unprecedented times. The Business Interruption Scheme will make it easier for banks to lend and businesses to borrow.

“This will ensure that credit keeps flowing to where it is needed, when it is needed.””

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