Arts: Coronavirus

Treasury written question – answered on 13th May 2020.

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Photo of Lord Crathorne Lord Crathorne Conservative

To ask Her Majesty's Government what plans they have, if any, to provide quickly accessible grants and loans to (1) artists, and (2) self-employed people working in the creative industries, during the COVID-19 pandemic.

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

The government has made a wide variety of economic support available to help businesses and self-employed people across the economy, including artists and self-employed people working in the creative industries. This includes:

- The Self-employment Income Support Scheme which will allow self-employed people to claim a taxable grant worth 80% of their trading profits up to a maximum of £2,500 a month. This is initially available for 3 months, but may be extended;

- Bounce Back loans of up to £50,000, 100% guaranteed by the Government. These will be interest-free for the first 12 months. Businesses can apply online through a short and simple form;

- The Coronavirus Business Interruption Loan Scheme for larger financing requirements;

- The option to defer VAT payments;

- Small Business Grants of £10,000 which will be paid to any property in receipt of Small Business Rates Relief or Rural Rates Relief.

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