Scottish Government Increases Support for Businesses Affected by Covid-19 to £2.2 Billion

Scottish Government Increases Support for Businesses Affected by Covid-19 to £2.2 Billion

Thursday, 19 March, 2020

Details of further financial aid for businesses impacted by coronavirus have been published.

The Scottish Government's Economy Secretary, Fiona Hyslop, has announced additional funding to support Scotland's businesses impacted by the coronavirus.

Addressing what is now widely accepted to be an economic emergency, the Ms Hyslop has warned that as a result of coronavirus, the Scottish economy is facing an immediate collapse in demand. She has outlined the actions being taken to help businesses, through a package of measures worth £2.2 billion from 1 April, including:

  • A full year's 100% non-domestic rates relief for retail, hospitality and tourism.
  • £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief.
  • £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000.
  • 1.6% relief for all properties, effectively freezing the poundage rate next year.

This latest package of support supersedes the £320 million package announced on 14 March and includes an additional £1.9 billion of increased support following the Chancellor's announcement on 17 March.

Ms Hyslop said:

'We have already confirmed our intention to effectively the freeze the poundage rate next year and ... I can confirm that we will mirror those measures with a package of reliefs and grants worth £2.2 billion.

'We need to see substantial grant support and tax breaks to keep companies in business and people in jobs where possible, and a greater emphasis on supporting individuals and households.

'I will continue to work closely with the UK Government and the other devolved administrations as this situation will require a coordinated UK response.'

 

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