The UK Government has announced a £330billion financial support for businesses. The package is a lending plan for small businesses amidst panic from business owners concerning the Covid-19 pandemic that has hit every corner of the world.
The financial support decision was announced by the Chancellor Rishi Sunak on Tuesday, March 17, 2020.
The country is currently in lockdown with its Prime Minister, Boris Johnson, advising that people work from home and avoid busy public places like bars, pubs, restaurants and theatres.
The UK business support plan is a move to assure business owners of the State’s support.
In a statement, Chancellor Rishi Sunak has said that the government will provide support to business owners in the form of government backed and guaranteed loans to the value of £330billion.
These guaranteed loans, he explained, will be available to businesses from Monday and will be equivalent to 15% of GDP, with an increased limit of £5million interest free for six months.
In addition, there will be grants available to 700,000 of the UK’s smallest businesses, worth a total of £2.2billion to ensure local economies keep growing.
“These are incredibly tough times for businesses, with footfall on the high street falling but the government is doing everything it can to support businesses”, he said.