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Covid-19: Support for the Self-employed - Statement

Part of the debate – in the House of Lords at 2:54 pm on 24th March 2020.

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Photo of The Earl of Courtown The Earl of Courtown Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords) 2:54 pm, 24th March 2020

My noble friend refers to the business interruption loan scheme, I think. The recent Budget announced a temporary new coronavirus business interruption scheme to help businesses access the finance that they need. On 17 March, the Government went further by increasing the value of the facilities available under the scheme from £1.2 million to £5 million. Alongside the action being taken by UK lenders, this will help to ensure that eligible businesses facing short-term cash-flow difficulties continue to access the finances that they need to respond to the temporary impact of the coronavirus outbreak on their cash flow.

My noble friend asked a specific question about security. I will write to her on that matter.