Business News coronavirus

UK Government Vouch ‘To Do Whatever It Takes’ To support Businesses

Latest update for business owners of Andover from The Money Guy, Adam Phillips, following the Corona Virus crisis.

The government have followed on from there budget on the 11th of march and made some amendments on the 17th of March, there is expected to be further announcements on the 20th of march, I will of course keep everyone updated as much as possible.

In short:

– £330 billion pounds set aside for businesses to borrow, is expected to be a 6-month repayment phase with 0% interest, the actual rate of interest is not known yet, but we have been told that they will be ‘favourable’

– £20 billion set aside to repay all businesses, in full, statutory sick pay for 2 weeks for any and every employee.

– Small grants between £10,000 and £25,000 for small businesses, in particular those who pay little or no business rates.

– The small business grant is expected to be handled by local authority. Apparently they will get in contact with us directly, so there should be, in theory, no need for application.

– Businesses in the Retail, Leisure and Hospitality industries will have business rates relief and may be able to receive up to £25,000. This grant is expected to be for businesses with a rateable value of between £15k- £51k,

– There is expected to be 3-months mortgage deferred payment period or holiday for those who are affected by Covid-19.

– Nothing for renters as of yet, the prime minister has promised to support renters and “whatever it takes” but there is no clear plan as of yet – I will keep you in the loop.

**Feel free to follow me on Facebook or YouTube, I’ll try my best to keep you up-to-date with any information as this progresses!

Check out Adam’s Video below!

About the author

Adam Phillips

After being in the banking industry for over 10 years, its time to help educate people and business owners to the best of my ability!
We live in a world where (For some reason) Money isn't taught in the education system at all.
I'm here to help support both the household and the small business owner by helping save them money. More often than not, the household and the business owner is not too dissimilar. It's so easy to go about your day and never take the time to work out if what you are doing is the most reliable, most efficient or most relevant for you. This is where I come in!
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