As part of her efforts to keep constituents informed on the latest information and advice on Covid-19, Theresa Villiers has issued the following update on financial support during this health crisis:
"The Covid shutdown is having a grave impact on many people and businesses across the country. It is achieving the vital goal of restricting the spread of the virus and saving lives, but there can be no doubt about the harsh impact it is having on the livelihoods of many people.
The Government has introduced a substantial package of support for businesses, jobs and incomes. It includes:
- £330 billion in loans;
- a three month mortgage holiday for people who need it and a three month ban on new possession proceedings for rent arrears;
- a one year business rates holiday and grants of up to £25,000 for small businesses which have had to close as a result of the lockdown;
- funding 80% of the wages of 'furloughed' employees (including people on zero hours or casual/agency PAYE contracts) up to a maximum of £2500 per month;
- funding 80% of the profits earned by self-employed people up to a maximum of £2500 per month (excluding those whose profits are above £50,000);
- £750m for charities such as hospices so they can continue to provide vital services, despite the postponement of major fundraising events such as the London marathon; and
- £800m for start-up businesses.
This package is unprecedented. It is equivalent to about 15% of the UK's GDP and is larger than anything in our peacetime history. It will make a big difference in helping millions of people stay in work and keep on paying their bills. But the Chancellor has levelled with people on the fact that it cannot protect every business and save every job. Even with this huge intervention, the damage to our economy caused by coronavirus will be very serious.
To find out if you qualify for any of the Government's financial schemes, please try this ‘support finder’ tool:
Government business support hotline: 0300 456 3565.
HMRC coronavirus hotline: 0800 015 9559.
Universal Credit hotline: 0800 328 5644.
If your business wants to supply Covid related goods or services, please register that capability here:
If you live in the Chipping Barnet constituency, please feel free to contact me using the details set out on this website if you need my help regarding a Covid related issue or on other matter."