On 17 March, the Chancellor announced an unprecedented package of government-backed cand guaranteed loans to support businesses, making available an initial £330bn of guarantees – equivalent to 15% of GDP.
This was on top of a series of measures announced at Budget 2020, the government announced £30 billion of additional support for public services, individuals and businesses experiencing financial difficulties because of COVID-19, including a new £5 billion COVID-19 Response Fund, to provide any extra resources needed by the NHS and other public services to tackle the virus.
The government will take new legal powers in the COVID-19 Bill, enabling it to offer whatever further financial support it thinks necessary to support businesses.
This document sets out further information on how you or your business can access if you are experiencing financial difficulties because of COVID-19. If you want the latest information on the government’s COVID-19 Action Plan you can go here.
