Since lockdown was introduced in the UK, the government has launched a number of schemes to help businesses, employees and those who are self-employed to stay afloat.
Data released by the Treasury shows that nearly 900,000 firms in England have benefited from over £10 billion in business grants.
More than 130,000 firms in Scotland, Northern Ireland and Wales have benefited from £4.7 billion of coronavirus support through the government’s Bounce Back Loan and Coronavirus Business Interruption Loan Scheme (CBILS) alone. This includes:
- Loans and support worth more than £2.3 billion have been given to more than 65,000 firms in Scotland since the outbreak
- Around 41,000 businesses in Wales have received more than £1.4 billion in finance
- More than 25,000 businesses in Northern Ireland have received over £1 billion
Loan schemes, grants and business rates holidays have supported businesses across all sectors. But the retail, construction and hospitality sectors, including hotels and restaurants, have benefited the most.
17% of loans went to the construction sector and all retail, hospitality, and leisure businesses benefited from a 100% business rates holiday.
You can find out more information about this on the gov.uk website.
If you would like information about any of the government support schemes available, please don’t hesitate to get in touch and we’ll be happy to advise.
To read news and blogs from Rebecca Austin, click here >>
