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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
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The government has just announced as part of their daily media briefings a series of measures to support businesses and mortgage borrowers impacted by the Coronavirus.
The Chancellor, Rishi Sunak started the briefing by saying “the government would do whatever it takes” to support businesses and people through the Coronavirus emergency. He continued describing the measures announced as “government interventions unimaginable a few weeks ago.”
The government’s rescue package is trying to mitigate the impact of Coronavirus on the economy, businesses and jobs. This follows the news today of Laura Ashley entering administration and the loss of 2,900 jobs from Carphone Warehouse.
Here is a summary of what the Chancellor announced.
Those borrowers impacted by Coronavirus who find they cannot make their mortgage payments will be allowed a payment of three months. This follows on from Lloyds Banking Group, TSB and NatWest who had already announced they would offer payment holidays.
Anyone who is concerned about paying their mortgage or any other form of borrowing should contact their lender as soon as possible to discuss their options.
The Chancellor has announced guaranteed loan available for large businesses and SMEs struggling due to Coronavirus. £330 billion (15% of GDP) has been made available to businesses under what the Chancellor described as ‘attractive terms’.
There are two schemes available, one for large firms operated through the Bank of England and the second as an extension to the Business Interruption Loan Scheme. The maximum loan for small businesses has been increased from £1.2 million to £5 million. Furthermore, these loans now come with six months interest free. Businesses should apply to the British Business Bank for a Business Interruption Loan. However, the current information available on their website states that:
“We are in the process of defining and agreeing he scheme’s details, specifications and eligibility and therefore information is subject to change.”
The Chancellor stated that the two schemes would be in place at the start of next week.
There was also reference to a specific scheme for airlines and airports would follow.
The 12-month business rates holiday has been extended to all hospitality businesses and the Chancellor has made grants of up to £25,000 available for those small businesses with a rateable value of less than £51,000.
The cash grants announced in the budget for small businesses who qualify for small business rate relief will also be increased from £3,000 to £10,000.
The Government is constantly updating the advice on Covid-19 and the financial implications this will have on consumers and businesses. At Moneyfactscompare.co.uk, we will aim to keep our readers as up-to-date with the current information as much as possible.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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