Chancellor Rishi Sunak was tonight preparing new help for firms in crisis due to the coronavirus amid stark warnings of “hundreds of thousands” of imminent job losses without support equivalent to the response to the 2008 banking crash.
New measures announced by the Government to help business:
Cutting business rates to zero over the next fiscal year for all companies in the hospitality sector, regardless of the rateable value of their properties.
For small businesses with a rateable value of less than £51,000, the Government will also offer cash grants of up to £25,000 per business on top of the business rates holiday.
An extension of Business Interruption Loan Scheme announced at the Budget to provide loans of up to £5m with no interest payable in the first 6 months. The Government is aiming to have the loans up and running by the beginning of next week.
An extension to the cash grants scheme announced at the Budget to up to £10,000 per business, delivered through local authorities.
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