Together with a number of colleagues John had raised concerns about measures to support small business during the COVID-19 crisis. There are many small businesses in the constituency, and across the country they form a key part of our economy.
John thus welcomed the Chancellor's announcement this week of a new scheme for those in need of smaller loans. Businesses can apply for the new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months.
The loans will be available from 9am on Monday (4th May) and the Government will support lending by guaranteeing 100% of the loan.
Details can be found at the following link: https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans