West Worcestershire MP Harriett Baldwin has welcomed the latest Government proposals which will see further support for small business affected by the coronavirus crisis.

From next week, small business will be able to apply for loans of up to £50,000 which will help bolster the existing package of support available to the smallest companies affected by the coronavirus pandemic.

The scheme has been designed to ensure that small firms which need vital cash injections to keep operating can get finance in a matter of days, and comes alongside the £6 billion awarded in business grants, supporting 4 million jobs through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

The Government, which has been consulting extensively with business representatives about the design of the new scheme, will provide lenders with a 100 per cent guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.

The loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days- providing immediate support to those that need it as easily as possible.

Harriett commented: “Over recent weeks, the Government has stepped in to offer unprecedented levels of support for businesses and employees as the nation pauses the economy to help fight the spread of Covid-19.

“With each measure, the Government hopes to close the net to ensure as many people as possible are able to access support and protect jobs and livelihoods during this national shutdown.

“When business is allowed to return to operations, we must make sure that they are able to do so as seamlessly as possible and this is another step the Chancellor has taken to enable British business to bounce back swiftly.”