Government measures that can help your wedding businesses through Covid-19 cancellations
I do not know a single wedding professional who is not concerned about their cashflow as a result of postponements and cancellations. If you have financial concerns this economic response from the Exchequer offers some relief. Here’s a summary of the key points:
- Government back loan on attractive terms to pay rent, salaries, suppliers or to purchase stock.
- For larger firms low cost commercial papers.
- Loans of up to £5m with no interest due for the first 6 months - up and running by the start of next week.
- Cashflow and fixed costs help for businesses in the hospitality, retail and leisure sectors with a rateable value of less than £51,000. Businesses in these sectors can get up to £25,000 cash grant to help bridge through this difficult period.
- Extended business rates holiday to all businesses in the hospitality, retail and leisure sectors irrespective of rateable value so they will pay no business rates whatsoever for the next 12 months.
- Small businesses can get a cash grant of up to £10,000 small business relief.
- Mortgage lenders will offer a 3 month holiday to help businesses get back on their feet.