PARLIAMENTARY WRITTEN QUESTION
Business: Coronavirus (17 March 2020)

The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.

This package includes a £10,000 cash grant to the smallest businesses, delivered by local authorities. Small businesses, including co-operatives, that pay little or no business rates and are eligible for small business rate relief or rural rate relief will be contacted by their local authority; they do not need to apply. The funding will be provided to local authorities in early April.

The package also includes the Coronavirus Business Interruption Loan Scheme (CBILS), offering loans of up to £5 million for SMEs through the British Business Bank (BBB). Where co-operatives meet the eligibility conditions, including operating within an eligible industrial sector, they may be eligible for loans under CBILS. Final decision-making on whether a small business is eligible for CBILS is delegated to the accredited lender.

The Government recognises the value of co-operatives and mutuals, and officials will continue to engage with representatives from across the sector to understand the impact of the disruption caused by COVID-19.