Coronavirus: Measures to help businesses UPDATE
18th March 2020
A £330 billion package of government-backed and guaranteed loans to support businesses which will delivered through two main schemes:
- A new lending facility with the Governor of the Bank of England to provide low cost, easily accessible loans to support liquidity amongst larger firms
- An extension of the new Business Interruption Loan Scheme announced at the Budget last week for Small Medium Enterprises to provide loans of up to £5 million (rather than up to £1.2 million as previously announced) with no interest due for the first six months.
Both of these schemes will be up and running by the start of next week and further information about how this will operate will be provided as soon as possible.