Coronavirus: Government pledge funding grants for businesses

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The Chancellor of The Exchequer has unveiled financial measures to help businesses affected by the Coronavirus.

Chancellor Rishi Sunak promised ‘£330bn in loans, £20bn in other aid, a business rates holiday and grants for retailers and pubs’.

As well as funding grants of between £10,000 and £25,000 for small businesses, and a three-month mortgage holiday by mortgage lenders.

“…any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access a government-backed loan or credit on attractive terms,” said Mr Sunak.

"And if demand is greater than the initial £330bn [for loans] I'm making available today, I will go further and provide as much capacity as required.

“I said whatever it takes, and I meant it.”

Nick Charnley, tax manager at Ellis & Co Chartered Accountants added: “This is a very welcomed announcement for those business who are going to struggle in the months ahead.

“We will find out over the coming days the finer details of this financial help package and look at how businesses can apply.”