Govt details support for UK businesses operating internationally

The Department for International Trade has offered to help find alternative suppliers for supply chains that have been affected by COVID-19, and for those operating projects in other countries.

For British businesses trading internationally, government backed loans of £330bn on top of the £30bn announced in the Budget will also be available. Also, a Coronavirus Job Retention Scheme will help pay wages, Universal Credit and tax credits will be increased as part of a £7bn welfare boos,t and VAT bills from now until the end of June will be deferred until the end of the tax year to ease cash flow pressures.

The Business Interruption Loan Scheme from the British Business Bank as part of the Enable Finance Guarantee is available and favourable temporary changes to Statutory Sick Pay have also been made in order to support those who have been affected by the virus. The Time to Pay Scheme for tax payment relief for businesses and self-employed people will ease pressures and an increase in the Business Rates Retail Discount in England to 100% for a year will also be a welcome change.

Cash support for all business in receipt of Small Business Rate Relief and funding for Local Authorities in England is also on offer. A temporary lowering of the Minimum Income Floor for Universal Credit for those who have COVID-19 or are self-isolating will also be initiated.

Further, cash grants of up to £25,000 for retail, hospitality and leisure businesses with a rateable value of between £15,000 and £51,000 are also available.

Financial support for exporters covered by UK Export Finance will include guaranteed bank loans through its Export Working Capital Scheme and an export insurance policy to recover the costs of fulfilling an order that is terminated. A Direct Lending Facility scheme to support overseas buyers and over £4bn to support UK firms exporting to China is also included.

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