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Covid-19 Update: Business Loans

Today, the Government has announced they will offer guaranteed loans to businesses on attractive terms to the tune of £330bn and this could well be increased.

No interest will be payable for the first 6 months of the loan on amounts up to £5m.

With regards to the hospitality industry, businesses can now make claims on their insurance to cover the pandemic.

No business rates will be payable by any operators in the hospitality industry for the next 12 months

The original cash grant of £3000 that was to be issued to all businesses with a rateable value of under £51000 as mentioned in the budget, is now to be increased to £10000 and will be payable by the Local Authorities direct.

This also is pushed out to Scotland, Wales and Northern Ireland.

All mortgage lenders will give a mortgage holiday of 3 months.

The details of how this will be implemented has not been divulged, but will in due course.

We just need to watch this space

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