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<p>The Government has introduced a comprehensive package of measures to support businesses
during these unprecedented times.</p><p> </p><p>We have announced schemes providing
access to loans, designed to help businesses across the UK impacted by the Coronavirus
crisis to access the funding they need:</p><ul><li>The Coronavirus Business Interruption
Loan Scheme provides businesses with annual turnover of under £45m with access to
working capital of up to £5m. It supports a wide range of business finance products,
including term loans, overdrafts, invoice finance and asset finance facilities.</li><li>The
Bounce Back Loans Scheme supports the smallest SMEs by providing loans from £2000
up to 25% of the business’ turnover with a maximum loan size of £50,000. This Scheme
launched on 4 May.</li></ul><p> </p><p>The Government has also announced a package
of support for businesses to help with their ongoing business costs in recognition
of the disruption caused by Covid-19. In particular, the Department for Business,
Energy and Industrial Strategy has been working across Government to provide £13 billion
of grant funding to help small and rural businesses and businesses in the retail,
hospitality and leisure sectors manage their cashflow through this period. This support
will take the form of two grant funding schemes, the Small Business Grant Fund (SBGF)
and the Retail, Hospitality and Leisure Grant Fund (RHLGF).</p><p> </p><p>All businesses
in England in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief
(RRR) in the business rates system will be eligible for a payment of £10,000.</p><p>
</p><p>Businesses in England that would have been in receipt of the Expanded Retail
Discount (which covers retail, hospitality and leisure) on 11 March with a rateable
value of less than £51,000 will be eligible for the following cash grants per property:</p><ul><li>Eligible
businesses in these sectors with a property that has a rateable value of up to and
including £15,000 will receive a grant of £10,000.</li><li>Eligible businesses in
these sectors with a property that has a rateable value of over £15,000 and less than
£51,000 will receive a grant of £25,000.</li></ul>
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