Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what support he plans to provide to newly formed businesses that are not eligible for his Department's covid-19 support schemes.

Government continues to monitor the Covid-19 schemes and is providing support across business for VAT and tax deferrals; and all business can reach out to their lenders and landlords for payment holidays during the Covid crisis.

Government is working with lenders to ensure that businesses can access finance. Depending on their eligibility newly formed businesses may be eligible for the Coronavirus Business Interruption Loan Scheme (CBILS) or Bounce Back Loan Scheme (BBLS).

Businesses are eligible for the CBILS if they are UK-based in their activity, with annual turnover of no more than £45m. For start-ups, or SMEs which have traded for less than 12 months, the lender should estimate turnover based upon the SME’s forecasted turnover for the first 12 months of trading.

Businesses are eligible for the BBLS if they are UK-based in their activity, were established on or before 1 March 2020 and have been negatively affected by Coronavirus.

All businesses in England including your constituency, can continue to access support through our GOV.UK website, the Business Support Helpline (0300 456 3565), and through their Local Growth Hubs.