Coronavirus Update : 19.05.2020

We want to support our customers by publishing convenient news summaries and daily coronavirus updates on our blog. If you find our posts useful, please do subscribe to our blog and share our news summaries to your social media.

Value of Business Loans Quadrupled
The Treasury Has Quadrupled the value of loans available to larger businesses which have been affected by Covid-19. In an announcement this morning it said that companies will now be able to receive up to £200m from the coronavirus large business interruption loan scheme, which previously had a maximum pay out of £50m. It said that loans under the expanded scheme will be made available to firms from Tuesday May 26.

Rishi Sunak has said that it is not obvious that there will be an immediate bounce back. When asked about the likely shape of the recovery Sunak said it will take a little bit of time for things to get back to normal, even once we’ve re-opened currently closed sectors.

Sunak also said that the longer the recession went on, the more likely there was to be “scarring”. He confirmed that the change to the furlough scheme will come into effect in August. Sunak also said that he will publish his plans regarding the percentage of the furlough scheme that employers will have to pay by the end of this month.

New Covid Alert Levels
George Eustice, Environment Secretary, reiterated the government’s new Covid Alert Levels. Eustice said that the UK was ready to move to Level 3 of the Covid alert system. Eustice also reminded viewers of the three steps that the government has set out as part of its Covid-19 recovery strategy. He stated that the UK would need to rely on a domestic British workforce to help in the harvest because the international workforce would be lower than required this year. Eustice said staff who are furloughed may want to supplement their income with a second job, he announced a new ‘pick for Britain’ website which would act as a portal to increase that workforce.

Should Schools Reopen?
A number of councils have advised its schools not to open on the 1st of June, defying government policy. This includes Calderdale council in Yorkshire. The Labour council leader, Tim Swift, said “the clear professional advice we have is that not all of the government’s five tests for opening schools were being met”, citing concerns over the local rate of infection and limited access to testing. Solihull Council has also said it will not reopen schools on 1 June. This is the first Conservative authority to say this.

Covid-19 support scheme figures
The Treasury has published its latest Covid-19 support scheme figures. 

The data showed:

•  Bounce Back Loan Scheme (BBLS) has seen 464,393 approved loans so far worth £14.18 billion

•  Coronavirus Business Interruption Loan Scheme (CBILS) has seen 40,564 loans worth £7.25 billion approved so far

•  The Coronavirus Large Business Interruption Loan Scheme (CLBILS) has seen 86 approved loans totalling £0.59 billion

Plans to restore Houses of Parliament Are On Hold
Plans to restore the Houses Of Parliament have been put on hold, due to the “impact of the current health crisis on public finances”. The works were due to cost £4bn. The independent body set up to manage the project said it would reassess the decision to relocate MPs and peers while the work was under way. The announcement comes after the National Audit Office (NAO) warned last month that costs for the scheme should not be allowed to slip in the wake of the Covid-19 pandemic.

Key statistics:

 

Country 

No. of cases

No. of deaths

UK 

248,818

                  28,760

Ireland

24,251

1,308

Italy

226,699

32,169

France

142,903

17,589

Spain

278,188

27,709

Germany

177,482

8,145

 

Check if you have immunity to coronavirus

Please fill in your details to be placed on the waiting list for certified and validated Covid-19 testing kits and other essential coronavirus products.


We will keep you informed about their availability with the email updates and those on our waiting list will be the first to receive their items as soon as they become available.

COVID 19: The Facts