Business: Coronavirus

(asked on 18th March 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to support large industrial businesses affected by the covid-19 outbreak.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 27th March 2020

A range of measures to support all businesses has been made available. These include the Coronavirus Business Interruption Loan Scheme, allowing businesses to benefit from loans of up to £5m, with the first 12 months interest free, and the Coronavirus Job Retention Scheme to help keep people in employment. This scheme means businesses can put workers on temporary leave and the government will pay them cash grants of 80% of their wages up to a cap of £2,500, providing they keep the worker employed. They will receive the grant from HMRC, and all UK organisations can self-certify that it has furloughed employees. The scheme will cover the cost of wages backdated to 1 March.

Further details of the significant package of financial support for businesses and employees are available at: www.businesssupport.gov.uk

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