| answer text |
<p>We have a substantial support package available for businesses regardless of whether
they are open or closed. The Chancellor recently announced that the Coronavirus Job
Retention Scheme (CJRS) has been extended until the end of March 2021. This provides
businesses with a grant to cover 80% of the wages of their employees. We have added
additional flexibility so it can be used to cover reduced hours as well as for businesses
that are closed. To date CJRS has support 9.6 million jobs at the cost of roughly
£41.9bn</p><p>Likewise, for businesses that remain open but are severely affected
by restrictions, the Local Restrictions Support Grant (open) provides up to £2,100
of support per month. They can also access one-off funding through the Additional
Restrictions Grant, worth £1.1bn nationally and is distributed by local authorities.</p><p>In
addition to this support, businesses have also benefited from the access to finance
schemes, including the Coronavirus Business Interruption Loan Scheme and the Bounce
Back Loan Scheme (BBLS). Under the BBLS, the government provides lenders with a 100%
guarantee to enable them to provide loans between £2,000 and £50,000 to the smallest
businesses across the UK with a simple, streamlined application process.</p><p>Moreover,
all eligible businesses in the retail, hospitality and leisure sectors will pay no
business rates in England for 12 months from 1 April 2020. Businesses will also benefit
from the reduced rate of VAT for tourist attractions and goods & services supplied
by the hospitality sector.</p>
|
|
