Small Businesses: Finance

Treasury written question – answered on 31st March 2020.

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Photo of Lord Bassam of Brighton Lord Bassam of Brighton Shadow Spokesperson (Further & Higher Education)

To ask Her Majesty's Government what steps they intend to take to prevent essential small and medium sized enterprises failing; and what level of priority they have given to preventing unnecessary business failures due to cash flow issues.

Photo of Lord Agnew of Oulton Lord Agnew of Oulton Minister of State (HM Treasury), Minister of State (Cabinet Office)

The government has set out an unprecedented package of support for all businesses affected by this crisis. All businesses, including SMEs, will benefit from the Coronavirus Job Retention Scheme, Statutory Sick Pay refunds and the Coronavirus Business Interruption Loan Scheme alongside tax cuts and direct grants. Further detail of the business support package can be found at: www.businesssupport.gov.uk and more information on claiming for the Coronavirus Job Retention Scheme can be found at: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

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