Over recent days Greg has been listening to the concerns of local businesses worried about their future as a result of the COVID-19 outbreak. He has raised every specific request, concern and case with the Government and called on Ministers for further clarity and support for everyone affected. It is vital that no one is financially penalised for doing the right thing by working from home and caring for those most vulnerable.
The Chancellor of the Exchequer's package of measures for further direct support for businesses, including more than £330 billion of loans guaranteed by the Treasury to ensure that all businesses have access to the funding and liquidity they need, is extremely welcome. This includes:
- An increase from £1.2 million to £5 million that businesses can borrow through the Coronavirus Business Interruption Loan Scheme with the Government covering the first 6 months of interest payments
- Increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000
- £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000
Following the Chancellor’s Statement yesterday, in response to one specific local case, Greg called on the Chancellor of the Exchequer to clarify whether event hire companies will be eligible for the Treasury's business relief and support measures within the leisure and hospitality sector.
Greg said: "I am taking every opportunity to raise constituents' and businesses' concerns with the Government during this difficult time, and I will continue to ensure I and my office are available for any business wanting to raise issues and will monitor the situation closely as it develops.
"This is an extraordinary and unprecedented time for us all and I am assured that the Government is working as fast as humanly possible to ensure that every step is being taken to protect all businesses and those most vulnerable."