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Small Businesses: Government Assistance

Treasury written question – answered on 24th March 2020.

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Photo of Liam Byrne Liam Byrne Shadow Minister (Digital, Culture, Media and Sport) (Digital Economy)

To ask the Chancellor of the Exchequer, what the procedure is for small firms to apply for access to (a) Coronavirus Business Interruption Loan Scheme and (b) cash grants of £25,000 to the smallest businesses in the (i) retail, (ii) hospitality and (iii) leisure sectors and (c) £10,000 for all business in receipt of Small Business Rates Relief and Rural Rates Relief.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Officials are working at pace to deliver the measures for small businesses as announced by the Chancellor. The Coronavirus Business Interruption Loan Scheme, which will provide financing facilities for SMEs of up to £5 million, was launched Monday 23 March. The Business Secretary will write to all Local Authorities by the end of the week with information on the small business grant scheme, and to encourage them to prepare to deliver this quickly. Detailed guidance for Local Authorities will follow by 1st April, and Local Authorities will then write to all eligible businesses with information on how to claim this grant.

We will give small businesses in the retail, hospitality or leisure sectors a higher grant of £25,000 per business if they have a property that has a rateable value between £15,000 and £51,000. Properties in those sectors with a rateable value of £15,000 or less will receive a £10,000 grant even if they are not eligible for small business rates relief. It will be administered in the same way as the small business grant scheme.

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