The latest figures released by the government show that the retail sector is one of the biggest beneficiaries of financial support during the Covid pandemic.
More than 1.4 million loans have supported businesses in all sectors throughout the UK, with regions receiving loans proportionate to the amount of businesses located there.
These loans are in addition to furlough, the self-employment income support scheme and business grants, as part of the government’s support package to protect jobs during the pandemic.
Chancellor of the Exchequer Rishi Sunak said: “Throughout this crisis, we have provided more than £280 billion of support to protect jobs and livelihoods up and down the country. We are committed to continuing to ensure jobs are protected and opportunity is created.
At the start of winter, the chancellor announced that more than a million businesses who took out a Bounce Back Loan will now receive further protection from the Covid crisis through flexible repayments, under the new Pay as You Grow system, which gives businesses more time to repay.
Since then, the government has extended the loans schemes until March, and given businesses the ability to ‘top-up’ their loans if they need to.
This includes the £4.6 billion announced last week in one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the spring.
The full list of economic support per region can be accessed here: https://bit.ly/38VXxkV