Govt announces emergency measures to support corona-affected business

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LONDON: UK Government is fighting deadly coronavirus in medical field and severely affected economy of the country at the same time. The government has taken emergency measures to support the affected business by offering financial support for the self-employed and business owners across the country.

The support schemes are include bounce back loans of up to £50,000, self-employment income support scheme and small business grant funding. The businessmen have been advised to use the business support finder, get help, protest your business and save jobs.

Communities Secretary Robert Jenrick

Meanwhile, high street businesses and landlords are set to benefit from a new code of practice, which is in development to provide them with clarity and reassurance over rent payments.

A working group has been established by the government with the commercial rental sector to develop a code which encourages fair and transparent discussions between landlords and tenants over rental payments during the coronavirus pandemic and guidance on rent arrear payments and treatment of sub-letter and suppliers. This will enable collaboration and cooperation within the sector and help ensure no one part of the chain shoulders the full burden of payment.

The group will also seek to involve wider business input through its sector members to ensure a greater number are consulted and able to share their views.

Communities Secretary, Robert Jenrick MP said: “We are developing a new code of practice, working alongside the industry’s leading bodies, to provide that clarity and reassurance to both commercial tenants and their landlords in recognition of the challenges they are facing as a result of coronavirus”.

He said that the government expects all parties to come to the table so our high streets and town centres are in the best possible position to come back from these challenges.“We are giving clarity to landlords and tenants who are both facing equal pressures on their finances so they are all able to stabilise their finances and bounce back”.

The Chancellor of the Exchequer, Rishi Sunak MP said: “The government is committed to supporting the commercial rental sector as it deals with the disruption caused by the coronavirus outbreak. “We continue to work with lenders to ensure flexible support is provided to commercial landlords, including payment holidays and restructuring facilities, and it is right that where landlords receive support, they extend this to their tenants”, he emphasised.