Business leaders in Derbyshire and Nottinghamshire welcome government drives to help companies during lockdown

Watch more of our videos on ShotsTV.com 
and on Freeview 262 or Freely 565
Visit Shots! now
Business leaders in Derbyshire and Nottinghamshire have welcomed measures aimed at helping companies in the region to sustain through the coronavirus pandemic coming into effect.

The online portal for the UK’s Coronavirus Job Retention Scheme portal goes live today, April 20, meaning affected businesses can apply for financial assistance.

Any firms which have ‘furloughed’ employees because of the ongoing Covid-19 pandemic can apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions.

Hide Ad
Hide Ad

Commenting on the portal’s launch, Scott Knowles, Chief Executive of East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire), said: “The opening of the Coronavirus Job Retention Scheme will be welcomed by affected businesses, which will now be able to start accessing the financial support they need to pay staff and protect jobs.

Scott Knowles, Chief Executive of East Midlands ChamberScott Knowles, Chief Executive of East Midlands Chamber
Scott Knowles, Chief Executive of East Midlands Chamber | User (UGC)

“While the Government deserves credit for the way it has responded to the current crisis by introducing a substantial package of measures to provide the financial support that businesses need, its focus must now be on ensuring it is delivered as quickly, smoothly and efficiently as possible so affected employees can be paid without delay.”

Read More
Fire services in Derbyshire and Nottinghamshire brought in to help paramedics in...

Meanwhile, the Chamber has also welcomed the launch of a separate initiative to help larger businesses affected by the ongoing Covid-19 pandemic.

The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) aims to provide the UK’s larger employers with access to temporary emergency funding. It means firms with turnover of between £45m and up to £250m can borrow up to £25m, while firms with turnover of more than £250m can borrow up to £50m.

Hide Ad
Hide Ad

The scheme provides lenders with a Government-backed partial (80 per cent) guarantee against the outstanding facility balance and is open to businesses which have not received a facility under the Bank of England's Covid Corporate Financing Facility.

It will be available through a range of lenders and partners accredited by the British Business Bank.

Mr Knowles added: “The UK’s larger businesses are facing different but no less critical pressures to their SME counterparts, so this latest intervention, provided it delivers what’s intended, will provide welcome relief. Cash flow is the lifeblood of any business.”

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper.

Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.

With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper.

Thank you

Nancy Fielder, editor

News you can trust since 1852
Follow us
©National World Publishing Ltd. All rights reserved.Cookie SettingsTerms and ConditionsPrivacy notice