Chancellor Strengthens Support On Offer For Businesses
Chancellor strengthens support on offer for business as first government-backed loans reach firms in need.
Rishi Sunak is taking further action to support firms affected by coronavirus by bolstering business interruption loans and announcing a new scheme for larger companies.
At a quick glance the Chancellor has said:
• £90 million of business interruption loans approved for nearly 1,000 firms and £1.9 billion corporate finance provided to firms hit by COVID-19
• current loan scheme extended so more small businesses can benefit
• lenders banned from requesting personal guarantees on loans under £250,000
• new scheme announced to bolster support for larger firms not currently eligible for loans
• Chancellor emphasises importance of banks moving quickly to support the economy, jobs and businesses
For full details of the Chancellors speech on 3/4/20, please follow the link.