Small Businesses: Coronavirus

Treasury written question – answered on 7th September 2020.

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Photo of Abena Oppong-Asare Abena Oppong-Asare Labour, Erith and Thamesmead

To ask the Chancellor of the Exchequer, what support is available to small businesses which do not meet the definition of a business in the retail, hospitality and leisure industry and therefore do not qualify for the Retail, Hospitality and Leisure Grant Fund but which were directly affected by closures in those industries during the covid-19 outbreak.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary

Small businesses which were not eligible for the Retail, Hospitality and Leisure Grant Fund may have been able to receive a grant from the Local Authority Discretionary Grant Fund. Local Authorities had significant discretion when it came to setting the eligibility criteria for their discretionary grant schemes. In some areas, small businesses outside of the retail, hospitality and leisure sectors may have been able to receive discretionary grants.

Small businesses which did not receive any grants should have been able to benefit from other measures in the Government’s unprecedented package of support for business during the COVID-19 crisis, including:

  • An option to defer VAT payments by up to twelve months;
  • The Bounce Back Loan Scheme, which will ensure that small and micro businesses can quickly access loans of up to £50,000 which are 100 per cent guaranteed by the Government;
  • The Coronavirus Business Interruption Loan Scheme, now extended to cover all businesses including those which would be able to access commercial credit;
  • The Coronavirus Job Retention Scheme, to support businesses with their wage bills; and
  • The Self-Employment Income Support Scheme, to provide support to the self-employed.

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