Latest figures demonstrate the scale of Government support for people and businesses in Brentwood and Ongar
New statistics showing the huge Government support to individuals and businesses in Brentwood and Ongar have been welcomed by local MP, Alex Burghart.
Throughout the coronavirus pandemic, the Conservative Government has provided a huge and unprecedented package of support to protect both lives and livelihoods through this incredibly challenging period. In total, more than £160 billion has been provided as part of the Government’s economic response to coronavirus, and the latest statistics from the Treasury now show the scale of that support in Brentwood and Ongar:
- 12800 people have had their job protected through the Job Retention Scheme, which has allowed employers to furlough workers while the Government has provided up to 80 per cent of their wages.
- Self-employed people in Brentwood and Ongar have accessed £15,100,00 worth of Government grants, which do not need to be paid back, to cover lost earnings.
- £77,914,559 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
- £22,430,000.00 worth of grants has been handed out to businesses in Brentwood and Ongar which do not need to be paid back.
This unprecedented package of support comes on top of the 4669 loans offered to businesses across the East of England, worth £1,020,035,597.
While much of this support has been focused on supporting people through the immediate crisis, the Government has recently set out the next phase of its economic response. In June, the Prime Minister unveiled the New Deal for Britain – accelerating billions of pounds worth of infrastructure projects to get the country building and kickstart the economy – followed by the Chancellor’s Plan for Jobs in July, which set out how the Government intends to create, protect and support jobs in the months ahead, backed by up to £30 billion.
Commenting, Alex said:
“This year has been hugely challenging for people and businesses in Brentwood and Ongar and these latest figures demonstrate the scale of support that the Conservative Government has put in place to support lives and local livelihoods.
“As we now work to restart our economy, I have no doubt that the Government will continue to support people in our local community. Schemes such as the hugely popular Eat Out to Help Out are already proving a huge success at getting customers back into local businesses.
“Never has the Conservatives’ agenda to level up the whole county been so important – giving businesses the confidence to retain and hire, create jobs and ensure young people have the opportunity of a better start in this area.”
Chancellor of the Exchequer Rishi Sunak said:
“I recently set out the government’s next steps towards economic recovery and securing the UK’s long-term prosperity in our Plan for Jobs.
“As we embark on this next phase, the latest figures demonstrate that we are continuing to support jobs, incomes, and businesses across every part of the UK.”
ENDS
Notes to Editors
- Helping businesses meet the costs of keeping their staff on their books throughout the coronavirus outbreak. The Coronavirus Job Retention Scheme allowed firms to furlough workers, with the Government paying 80 per cent of employees’ salaries, up to £2,500 a month. From the start of August, employers have been asked to start contributing towards some of the salary costs, alongside Government (HMT, News Story, 20 April 2020, link).
- Launching the Self-Employed Income Support Scheme, to ensure people who work for themselves are getting the support they need. The Government will pay self-employed people who have been adversely affected by coronavirus a grant worth 80 per cent of their average monthly profits over the last three years, up to £2,500 a month, for three months. A second grant is available covering June to August, available at 70 per cent of average monthly profits (HMT, News Story, 29 May 2020, link).
- Providing Bounce Back Loans to ensure businesses are able to get access to financial support as quickly as possible. Any smaller business experiencing financial difficulties because of coronavirus can apply for a loan of up to £50,000, which is 100 per cent guaranteed by Government for the first 12 months – during which time no repayments will need to be made. Loans reach bank accounts within days of an application being made (HMT, News Story, 4 May 2020, link).
- Making grants available for the industries and small businesses which have been hardest hit by the coronavirus outbreak. We are providing grants of either £10,000 or £25,000 to businesses in the retail, hospitality and leisure sectors and which occupy properties with a rateable value of less than £51,000 (HMT/BEIS, News Story, 1 April 2020, link).
- Setting up the Coronavirus Business Interruption Loan Scheme to help companies that need access to cash. Any viable business with a turnover of up to £45 million can apply for a loan of up to £5 million, and we have banned lenders from requesting personal guarantees for loans under £250,000. A Coronavirus Large Business Interruption Loan Scheme is also available to provide loans of up to £25 and 50 million for companies with a turnover above £45 million (HMT, News Story, 3 April 2020, link).
