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.
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Check out Adam’s Video below!
