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<p>In response to the unparalleled economic shock created by COVID-19, the government
quickly provided one of the most comprehensive and generous packages of economic support
globally, adapting the help offered as the situation evolved. This has provided timely
and targeted temporary support to individuals, families and businesses up and down
the UK. At the Budget, the Chancellor announced an additional £65 billion of further
measures to support the economy this year and next year, taking the total cumulative
cost of the COVID-19 rescue package since the start of the pandemic to £352 billion.</p><p>
</p><p>Businesses in Coventry which are forced to close have been able to claim grants
of up to £3,000 per month, based on their rateable value, through the Local Restrictions
Support Grant (Closed). They can also claim a one-off grant of up to £9,000, in addition
to the monthly grant. Businesses which are not able to receive these grants for closed
businesses may be able to benefit from the Additional Restrictions Grant (ARG). At
Budget we announced an additional £425 million of ARG funding, taking the total to
over £2 billion. It is up to each local authority to determine eligibility for this
scheme based on their assessment of local economic need; however, we encourage local
authorities to support businesses which have been impacted by COVID-19 restrictions,
but which are ineligible for the other grant schemes. As of 17 January, the LRSG (Closed)
had provided £573 million worth of grants and the ARG has provided £143 million worth
of grants.</p><p> </p><p>To support businesses through the next stage of the pandemic,
the government is providing a Restart Grant of up to £18,000 to over 680,000 business
premises, giving them the certainty that they need to plan ahead and safely relaunch
trading over the coming months. To replace the Bounce Back Loans and Business Interruption
Loans, the government is introducing a new Recovery Loan Scheme.</p><p> </p><p>Businesses
are also able to access the Coronavirus Job Retention Scheme (CJRS), which was introduced
to help employers whose operations have been affected by COVID-19 retain their employees
and protect the UK economy. All businesses across the UK can access the scheme, which
will run until the end of September 2021, with employees currently receiving 80% of
their usual salary for hours not worked, up to £2,500 per month. As at 31 January,
provisional statistics show that there were about 7,300 employments furloughed in
the Coventry North East constituency and 20,200 in Coventry.</p>
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