New funding to help businesses bounce back after lockdown

Struggling businesses will be able to apply for a new restart grant to help them reopen after lockdown. Chancellor Rishi Sunak announced the £5 billion funding will be available in April, alongside a new recovery loan scheme which will issue loans between £25,000 and £10 million until the end of the year. One of the hardest hit industries - the hospitality and tourism sector - will see its 5% reduced rate of VAT extended until the end of September.