Covid-19 news update 18 March 2020 "Whatever it takes"

These newly announced measures should be in place early next week and we will have all relevant links on our website - keep checking back.

The government announced an unprecedented package of backed and guaranteed loans to support businesses. So any business that needs access to cash to pay rent, suppliers, salaries and other costs will be able to access these on attractive terms.

They will also be extending the new business interruption loan scheme announced in the budget last week. Both of these to be up and running by next week so watch this space – we will keep you up to date.

The Chancellor noted that many businesses cannot claim on insurance, so for these he announced:

  • Businesses in retail, hospitality and leisure, with a rateable value of less than £51,000, will pay no business rates for a year

  • And also for those businesses, there will be an additional cash grant of up to £25000 per business

  • And he stated that he would be extending the business rates holiday to all business in those sectors, irrespective of their rateable value. This means every shop, pub, theatre, music venue and restaurant will pay no business rates whatsoever for 12 months

  • Cash grants will be made available to the smallest of businesses and increased from £3000 to £10000

  • Also mortgage lenders will offer at least a three month holiday package

Reassuring you that its ‘business as usual’ here at EBS and we are working hard on your behalf.

Please keep in touch throughout these uncertain times and stay safe.

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