Covid-19: Support for the Self-employed
Debate between Earl of Courtown and Lord Livermore
The Earl of Courtown
My noble friend refers to the business interruption loan scheme, I think. The recent Budget announced a temporary new coronavirus business interruption scheme to help businesses access the finance that they need. On 17 March, the Government went further by increasing the value of the facilities available under the scheme from £1.2 million to £5 million. Alongside the action being taken by UK lenders, this will help to ensure that eligible businesses facing short-term cash-flow difficulties continue to access the finances that they need to respond to the temporary impact of the coronavirus outbreak on their cash flow.
My noble friend asked a specific question about security. I will write to her on that matter.
Lord Livermore (Lab)
My Lords, I understand that it can take a while to develop specific targeted measures for the self-employed, but can the Minister say why so little is being done on social media, for example, to publicise to the self-employed the limited range of measures that currently exist?
The Earl of Courtown
My Lords, the noble Lord makes a very good point. That is imperative. So far, we have been able to give them wide coverage and ensure that the self-employed are aware of what is available to them at the moment. I am sure that over the next couple of days, when the Chancellor has the opportunity to bring forward further measures, there will be an effort on this basis to ensure that the self-employed, whom we all know and employ at some stage or another, are given the opportunity and looked after.