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Key messages from British Chambers of Commerce CEOs’ meeting: Coronavirus Job Retention Scheme

Key messages from British Chambers of Commerce CEOs’ meeting

-Applications for Coronavirus Job Retention Scheme are now open.

BCC research indicates 2/3 of firms have furloughed a portion of their workforce. With April’s payday approaching, it is essential that the application process is smooth & payments are made asap.

-Coronavirus Large Business Interruption Loan Scheme launches today and Future Fund announced

All viable businesses with turnover of >£45m will be able to apply for CLBILS through lenders accredited by British Business Bank. The new Future Fund, due to be announced by the Chancellor today, will support entrepreneurial businesses that are either pre-revenue or pre-profit and typically rely on equity investment. These changes fill an important gap in government support, and could make a real difference to medium-sized and larger-firms navigating challenging circumstances. It’s crucial to ensure that this enhanced support reaches companies in difficulty as quickly as possible.

-Some firms & staff are still falling through gaps of existing support.

We need to see a business rates holiday for all mid-sized firms, an expansion of income protection support for company directors in ltd firms.

Paul Griffiths - Chief Executive

Milton Keynes Chamber of Commerce

20th April 2020

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