Welcoming £330bn of Support to Protect Businesses

The Chancellor of the Exchequer has announced £330 billion of government backed loan and credit today, with the Treasury prepared to do more if this is not sufficient. Here are some of the details:

• Mortgage lenders will offer 3 month mortgage holiday.

• Government working with Trades Unions and business groups to develop employment support to protect jobs and incomes.

• Cash grant of up to £25,000 for small and medium sized enterprises (SMEs).

• All businesses in hospitality will pay no business rates for 12 months, and cash grants are available if your turnover is less than £50,000.

• For small and medium business interruption scheme will provide loans up to £5million and no interest due for months.

Simon Baynes said:

"Times are very tough due to Coronavirus so this package will help businesses and residents in Clwyd South alike. I don't underestimate the challenges that lie ahead but I am very glad to see the Chancellor of the Exchequer has announced these wide ranging measures which will address concerns expressed to me in the last few days by constituents, businesses and organisations across Clwyd South."

For more information, please contact Simon on 07880 786573 or simon.baynes.mp@parliament.uk