Craig Whittaker MP welcomes £30 billion support package for Coronavirus

Craig Whittaker MP welcomes £30 billion support package for Coronavirus

Yesterday, the Chancellor set out further Government support to tackle Coronavirus following last week’s Budget. He promised to do whatever it takes to support our economy through the crisis. The measures introduced by the Chancellor were aimed to support people and businesses with an additional £30 billion package to help cushion the country through this crisis.

The government will make available an initial £330 billion of loan guarantees  for businesses– equivalent to 15 percent of our gross domestic product - so any businesses who need access to cash to pay their rent, the salaries of employees, pay suppliers or purchase stock, will be able to access a government-backed loan.

All businesses in the retail, hospitality and leisure sectors will not have to pay Business Rates. This means all businesses in this sector, irrespective of their rateable value, are exempt from Business Rates for 12 months – that’s every single shop, pub, theatre, music venue, restaurant, and any other business in the retail, hospitality or leisure sectors.

In addition to this, small businesses in these sectors such as hotels will receive an additional grant scheme of up to £25,000. Other businesses will also be able to receive a grant of £10,000.

Other support measures include extra money for businesses to pay Statutory Sick Pay; a three-month mortgage holiday for homeowners who are affected; extra money for Councils to support those who are vulnerable with support on Council Tax payments; and further reassurances that the NHS will receive whatever it needs.

The measures announced provide a comprehensive, coordinated and coherent response to what is a serious and evolving economic situation. We have never faced an economic fight like this one but we are well prepared.

Craig Whittaker, MP for Calder Valley said “These new measures taken so far will help give the reassurance that local people, employees and employers need in this crisis.”

“The Business Rates holiday and £25,000 grant will go a long way to support Calder Valley businesses over this period. Homeowners will also welcome the 3-month holiday for mortgage payments.’

“I am speaking to Ministers about support for those who are self-employed and in private rented accommodation. I would expect further measures to support these people to follow. We will do whatever it takes to support those who need help and together we can get through this.”