COVID19 - Further Update
Good afternoon again. We write with a further update as more information has become available.
Coronavirus Business Interruption Loan Scheme
The business interruption loans announced at last week’s Budget have been significantly extended allowing small businesses to borrow up to £5 million to pay rent, salaries, suppliers or purchase stock.
The loans will be interest-free for the first six months, thanks to a pledge from the Government to cover interest payments during this period.
The scheme will be delivered by the British Business Bank, a state-owned body tasked with supplying credit and finance to small and medium-sized businesses.
The Government has said that these loans will be accessible from next week and it will be releasing information on the process required to apply for a loan soon. More information regarding these loans can also be found here.
We are closely monitoring this situation and will let you know once the application process has been clarified.
Insurance firms have been told that Government advice regarding the restriction of visits to pubs, clubs, and theatres, etc. is sufficient for businesses to make a claim on their insurance where they have appropriate business interruption cover for pandemics.
The food industry, including pubs and restaurants, will see a temporary relaxation in planning regulations that will allow them to start providing takeaways to customers without a planning application to help support those needing to self-isolate.
The Chancellor said the Government is committed to protecting individuals and businesses from the effects of the global economic emergency created by the coronavirus pandemic and has made it clear that these initial measures are just the start of the Government’s plans.
The Chancellor is also seeking new legal powers in the Covid Bill to offer whatever further financial support the Government decides is needed. This is likely to be a changing landscape and we’ll keep you updated accordingly.
Here to help
As we noted in our earlier update, these are difficult and uncertain times and we know that you are likely to have any questions about these measures and many other matters affecting your business.
We are committed to helping you make sense of the current situation and access the resources and support that you need to succeed in the coming weeks and months.
Our team is standing by to support you, whatever queries or concerns you may have, to ensure you can move forward once this crisis has subsided.
Kind regards, The Inn Control Team
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