Yesterday (Tuesday 17 March), the Chancellor of the Exchequer, Rishi Sunak, announced a new package of measures to support UK businesses through the Covid-19 outbreak.
This support is available to Postmasters and we are keen to help you access it, as this financial help will be crucial in the coming months – we’ll provide a further update once we’ve confirmed how it will be made available.
The measures include payments to be made directly to businesses and business rate reliefs to help with loss of trade and allow businesses to continue trading as much as possible.
The Government has announced that:
- Business rates have been scrapped for all businesses in retail and hospitality, whatever their rateable value, for 12 months.
- Businesses with rateable value of £51,000 or less in the retail and hospitality sector will be able to obtain a grant of up to £25,000 per business.
- Mortgage lenders will also offer a three-month payment holiday for those impacted by the virus.
- A package of £330 billion worth of loan guarantees, backed by the Government, for any business that needs cash – small to medium businesses will be able to access Business Interruption Loans up to £5 million with no interest payable in the first six months.
The Chancellor also underlined that he is seeking a way to help businesses to pay their employees and avoid letting them go, but no detailed proposals have yet been agreed. Further work is underway on this issue and we will update this information as soon as it is available to us.
We want to make sure you’re supported through the Coronavirus outbreak, so please keep checking our regular updates on the latest advice and guidance. You can also speak to your Area Manager about any concerns that you may have.