In a time when there has been a high level of concern for the future of UK businesses, positive new figures show that a range of business sectors across the UK have benefitted from the financial support from the government through backed loans.
More than 1.4 million loans have supported businesses and protected jobs across all sectors. The retail and construction industries have benefitted most from the financial support schemes. It is also these sectors which have been hit the hardest by the pandemic, providing hope for retail and construction workers.
The support has been UK-wide and has been distributed regionally according to the proportion of businesses based there.
It is not only government-backed loans which have boosted business, but also the furlough and self-employment income support schemes which have been extended until April. The government have also provided one-off top up grants worth £4.6 billion for the retail, hospitality, and leisure businesses of up to £9,000 per property. These initiatives make up the government’s unprecedented support package, worth a total of £280 billion.
The Chancellor, Rishi Sunak, said:
“Throughout this crisis, we have provided more than £280 billion of support to protect jobs and livelihoods up and down the country. We are committed to continuing to ensure jobs are protected and opportunity is created.”
Alongside this, the Chancellor also announced that over 1 million businesses which applied for a Bounce Back Loan will be supported through flexible repayments; known as the Pay as You Grow system. Businesses can also ‘top-up’ their loans if they need to.
Want to see if you’re eligible for financial support? Check out the Financial Support During Coronavirus page on the gov.uk website for more information.
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