Helping businesses through the pandemic
The current situation, as a result of the COVID-19 pandemic, is likely to be causing concern amongst the business community of Milton Keynes.
Last week, the Chancellor set out a number of supportive measures in the Budget which will go some way in helping many businesses during this unprecedented time, these include:
- A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, which will enable businesses with a turnover of no more than £41m to apply for a loan of up to £1.2m, with the Government covering up to 80% of any losses with no fees. This will unlock up to £1 billion pounds to protect and support small businesses.
- For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the Government in full. This will provide 2 million businesses with up to £2bn to cover the costs of large-scale sick leave.
- A £3,000 cash grant to 700,000 of the smallest businesses, delivered by Local Authorities, and worth a total of £2bn.
- Finally, companies with a rateable value of less than £51,000 will be eligible for a business rate cut holiday
We would also like to re-issue the links which were recently posted on the SEMLEP website:
Visit the official UK Government page here for the latest information and advice
UK Government guidance for employees and businesses can be found here.
MKBLP is an independent organisation committed to developing the interests of Milton Keynes businesses, across the public, private and voluntary sectors. Consequently, we are keen to ensure that any information relating to this ongoing situation is communicated across all of our social channels.