Covid-19 Financial Support

The Chancellor of the Exchequer has announced a comprehensive package of measures to support businesses in response to the serious economic caused by the Coronavirus outbreak full details of which can be found here

For local businesses in Bexley you can also find further advice and guidance on the BexleyforBusiness website

At the Budget, the Chancellor set out the first stage of the response with a £30 billion package of support for people and businesses.  But he promised to do whatever it takes to support our economy through this crisis. That’s why the Chancellor has announced an unprecedented package of further measures.

The Government will make available an initial £330 billion of guarantees so any businesses who needs access to cash to pay their rent, the salaries of employees, pay suppliers or purchase stock, will be able to access a government-backed loan.

All businesses in the retail, hospitality and leisure sector - irrespective of their rateable value - will be exempt from business rates for 12 months – that’s every single shop, pub, theatre, music venue, restaurant, and any other business in the retail, hospitality or leisure sectors.  Small businesses in these sectors will also be provided with an additional grant scheme of up to £25,000. Any business with a rateable value of less than £51,000 can now get access to a government grant.

In the Budget last week, the Chancellor announced that we would be providing £3,000 grants to the 700,000 of our smallest businesses. To support their cash flow, today we are increasing those grants to £10,000.

Taken together, the Chancellor is today announcing tax cuts and grants for British businesses worth more than £20 billion. This is in addition to the measures announced in the Budget last week to support businesses.

The Government is also standing behind employers and asking them to play their part by:

  • helping pay people’s wages through the Coronavirus Job Retention Scheme – offering grants to employers who promise to retain their staff, covering most of the cost of paying people’s wages
  • deferring the next three months of VAT until the end of the financial year – an injection of over £30 billion of cash to businesses to help businesses pay people and keep them in work
  • acting so that, if the worst happens, there is a stronger safety net to fall back on. So we are increasing Universal Credit and Working Tax Credit by £1,000 a year for the next 12 months providing nearly £7 billion of extra support.

Following discussions with the mortgage industry, the Government is introducing a three-month mortgage holiday for those in difficulty due to coronavirus – so that people will not have to pay a penny towards their mortgage during this time.  In the coming days, the Government will go much further to support people’s financial security. We will work with trade unions and businesses to develop new forms of employment support to help protect people’s jobs and incomes through this period.

Commenting James said:

"The measures outlined will support jobs, support incomes, support businesses and help people to protect their loved ones. The Chancellor has rightly underlined that the Government will do whatever it takes to get us through this."