Business: Coronavirus

Treasury written question – answered on 26th March 2020.

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Photo of Tan Dhesi Tan Dhesi Labour, Slough

To ask the Chancellor of the Exchequer, what plans he has to support businesses that may be unable to afford rental payments on properties as a result of loss of income during the covid-19 outbreak.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

The Government has already moved to support residential renters by ensuring landlords are unable to start eviction proceedings for at least a three-month period; this now applies to businesses renting commercial properties.

The Government is also providing £20 billion of business rates support and grant funding to help the most affected firms manage their cashflow through this period, including: giving retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months; providing grants of £10,000 to small businesses eligible for Small Business Rate Relief, and; providing further £25,000 grants to retail, hospitality and leisure businesses operating from premises with a rateable value over £15,000 and below £51,000.

SMEs will also be able to access the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million through the British Business Bank, backed by an 80% government guarantee.

For larger firms, there is a new lending facility from the Bank of England to help support liquidity, helping them bridge coronavirus disruption to their cash flows through loans.

Finally, the HMRC Time To Pay Scheme is in place for all businesses and self-employed people in financial distress to provide support with their tax affairs.

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