18th March 2020
During the Prime Ministers daily briefing on Tuesday the 17th March, Chancellor Rishi Sunak has announced a further package of business grants and support aimed at saving jobs across the country in the wake of the coronavirus outbreak.
Government backed guaranteed loan worth £300bn representing 15% of GDP
Measures to ease cash flow and support businesses with fixed costs
Support for business rates
Full reimbursement of SSP for businesses from the first day of an employee being paid sick leave.
Support for individuals
The Chancellor said he would be meeting with the Transport Secretary in the next few days to discuss a potential support package for specifically airlines and airports which have warned they could face closure within weeks.
He also said he would be working on specific measures to protect people’s individual financial security, including new employment support. This comes amid concern that those working in the gig economy, or who are self-employed, could have no support if their earnings are reduced due to the coronavirus outbreak.
However, he did not make any announcement relating to any relief for renters.
Clearly this is a fast-developing situation and we will be watching how it develops and updating our clients on a regular basis. Please watch out for our further client updates in the coming days.