How the latest £350bn government lifeline will help the mobility industry
As the disruption in the wake of coronavirus hits companies across almost all sectors, the government has confirmed a package of substantial measures to support the economy.
An initial £330 billion of guarantees – equivalent to 15% of UK GDP – will be invested in unlimited loans and guarantees to support firms and help them manage cashflows through this period.
Describing the current situation as an “economic emergency”, chancellor Rishi Sunak told a press conference on the 17th March that “never in peacetime have we faced an economic fight like this one.”
Emphasising that multiple sectors have raised concerns over their long-term survival, the chancellor promised a raft of financial measures, from low-interest loans to enhanced business grants.
With disabled people and the elderly – the key demographics for the mobility sector – being disproportionally affected by the virus, retailers and suppliers across the board are feeling the impact as consumer demand declines.
See the key measures in place to support mobility retailers and supplies:
Loans: The government is increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme from £1.2 million to £5 million, and ensuring businesses can access the first six months of that finance interest-free
Business rates holiday extension: All retail, hospitality and leisure businesses in England now eligible for 100 per cent business rates holiday for the next 12 months
Grants: Grants to small businesses eligible for Small Business Rate Relief have increased from £3,000 to £10,000 and £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000
Mortgage holiday: Mortgage lenders have agreed they will support customers that are experiencing issues with their finances as a result of Covid-19, including through payment holidays of up to 3 months
Insurance: chancellor Rishi Sunak confirmed: “Let me confirm that, for those businesses which do have a policy that covers pandemics, the government’s action is sufficient and will allow businesses to make an insurance claim against their policy”
THIIS will continue to update the industryhttps://thiis.co.uk/how-the-latest-350bn-government-lifeline-will-help-mobility-industry/https://i0.wp.com/thiis.co.uk/wp-content/uploads/2018/11/Government.jpg?fit=1000%2C666&ssl=1https://i0.wp.com/thiis.co.uk/wp-content/uploads/2018/11/Government.jpg?resize=150%2C150&ssl=1Business SupportCoronavirus NewsCOVID-19 Sector NewsCOVID-19 Trade NewsGovernment & Local AuthoritiesInvestments & FundingNewsroomRetailer NewsSector NewsSupplier NewsTrade NewsAs the disruption in the wake of coronavirus hits companies across almost all sectors, the government has confirmed a package of substantial measures to support the economy.An initial £330 billion of guarantees – equivalent to 15% of UK GDP – will be invested in unlimited loans and guarantees to...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine