Oral Answers to Questions Debate
Full Debate: Read Full DebateStuart Anderson
Main Page: Stuart Anderson (Conservative - South Shropshire)Department Debates - View all Stuart Anderson's debates with the Department for Business, Energy and Industrial Strategy
(4 years, 2 months ago)
Commons ChamberI pay tribute to my right hon. Friend for the work that he has done with small businesses for many years, including when we were working with businesses together. I know that he continues that work. As part of the package of covid-19 recovery measures we created the bounce-back loans scheme, which targets small and microbusinesses in all sectors, providing loans from £2,000 up to 25% of the business’s turnover, with a maximum loan of £50,000. Applications are done via a simple online form. As of 7 June, 782,246 loans, worth £23.78 billion, have been approved.
We have provided a significant package of support to pubs—including a one-year business rates holiday and access to grants of up to £25,000 per qualifying property—through a number of schemes. That is alongside the business support available to all sectors, including access to the coronavirus job retention scheme and various Government-backed loan schemes.
Pubs in Wolverhampton such as the Merry Hill, Oddfellows and the Mount Tavern will have been impacted by covid-19. I welcome the measures the Minister outlined, but what is the longer-term strategy to help pubs to return to a profitable state and to become the vital community hubs that they were before?
I thank my hon. Friend for that question, because it is vital that we recognise how important such businesses are as community hubs. We recognise that trading conditions may be challenging for many businesses for some time to come. We will continue to work with the sector, both to prepare for reopening and afterwards. I understand that the Minister responsible for small business—the Under-Secretary of State for Business, Energy and Industrial Strategy, my hon. Friend the Member for Sutton and Cheam (Paul Scully)—plans to continue to meet representatives of the sector regularly.