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Government revamps emergency lending to coronavirus-hit businesses

Following widespread criticism, the Chancellor has today (3 April) announced a new emergency loan scheme for businesses with turnover greater than £45m and strengthened the finance facility available to smaller businesses.
 
The move follows concerns, in line with our own experience, that businesses of all sizes were struggling to access the government-backed funding, with more than 130,000 loan enquires received from firms but fewer than 1,000 had been approved. 
 
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Government unveils more support for the self-employed

On 26 March, the government unveiled a new package of measures to support the UK’s 5 million self-employed workers: the ‘Self-Employed Income Support Scheme’. 

The move follows considerable public and political pressure that has been building since the Chancellor announced the ‘Coronavirus Job Retention Scheme’ for employees last week.  More details on that scheme will be announced later this evening. 

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Coronavirus Job Retention Scheme FAQ

UPDATED 6 APRIL 2020

Many of our clients and contacts are asking us for further advice and support in relation to the government’s ‘Coronavirus Job Retention Scheme’.  

As a result, we have created this FAQ document to highlight certain key aspects of the Scheme.

The government announced some additional details regarding the operation of the scheme on 4 April, so we have updated this document accordingly – our priority is to continue to update and support you during this difficult time.  

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Chancellor unveils latest rescue plan

The Chancellor on Friday evening announced a significant rescue package for businesses struggling with the impact of the coronavirus (COVID-19) pandemic.

The latest measures build on the announcement earlier in the week of £330 billion in loans, business rates holidays and grants. 

At the time, we pointed out that businesses urgently needed more information on how to access the loans and stronger financial incentives to retain employees at a time when their trading outlook was deteriorating rapidly.  Friday’s announcement goes some way to addressing these issues.

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