Covid-19 update 19.05.2020
DAILY BUSINESS BRIEFING FROM GOVERNMENT’S COVID-19 PRESS CONFERENCE
Environment Secretary George Eustice has urged furloughed workers to join a new ‘land army’ of seasonal workers on British farms.
Speaking at today’s Downing Street press conference, he announced the government had partnered with the farming industry to launch the Pick for Britain website to help match up available opportunities with local jobseekers.
Mr Eustice said only around a third of the people who would normally migrate to the UK to do work are already here, so this year the country will have to rely on on British workers to lend a hand to bring the harvest home.
He added: “Those who are furloughed, who maybe want to lend a hand and play a part, or who may want to supplement their income with another job, and I would urge them to visit the website and look at the opportunities.”
Larger businesses to benefit from loans of up to £200m
Businesses will be able to benefit from larger loans under the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the government announced today.
The maximum loan size available under the scheme will be increased from £50million to £200m to help ensure those large firms which do not qualify for the Bank of England’s COVID Corporate Financing Facility (CCFF) have enough finance to meet cashflow needs during the outbreak.
The expanded loans, which have been introduced following discussions with lenders and business groups, will be available from 26 May.
John Glen, the Economic Secretary to the Treasury, said: “We’re determined to support businesses of all sizes throughout this crisis and our loans and guarantees have already provided over £32bn to thousands of firms.
“Today we’re increasing the maximum loan to £200m to make sure companies get the help they need.”
Companies borrowing more than £50m through CLBILS will be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan, including a ban on dividend payments and cash bonuses, except where they were previously agreed.
You can find more information here.