COVID-19 SUPPORT: Daily Update – Monday 27 April 2020

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Treasury considers 100% guarantee on ‘micro-firm’ loans

Key Contact: Christian Farrow

Author: Elena Visser

It has been reported that Rishi Sunak is preparing to offer 100% guarantees on loans up to £25,000 for the UK’s smallest firms after sustained pressure from Conservative MPs and the Bank of England.

It is not clear yet how the Treasury will define what it calls “micro-businesses”, whether it will be judged on turnover or the number of employees.

The Treasury has however declined to comment on the proposals and government officials have stressed that no final decision has been taken.

Further details are expected to be received later this week of any decisions made relating to the proposals.

First Economic Resilience Fund grants to be paid to businesses in Wales

The Minister of Economy, Transport and North Wales, Ken Skates, has announced that businesses and organisations which have successfully applied to the Welsh Government’s £500 million Economic Resilience Fund will start to receive grant payments by the end of this week.

Since applications opened over a week ago, more than 9,000 requests of support were received. The fund is to be paused today following the very large number of applications.

It is anticipated that the Development Bank of Wales will have processed all applications received within the month.

Full details on the eligibility criteria can be found on the Business Wales Fund Checker which can be found here.

Please see our daily updated Financial Support Guide for Businesses for further information-  COVID-19 FINANCIAL SUPPORT FOR BUSINESSES

For more information on any of the points raised, please contact our corporate team.

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