This evening, Business Secretary Alok Sharma gave the UK's daily press conference and confirmed that the government will do everything it can to support businesses.
We have previously provided updates and advice on the current support offered to businesses, including rate relief and grants, and you can find out more about business support measures on our Covid-19 support page.
The Business Secretary confirmed that, as of today, there is currently £12 billion available to local authorities. He made it clear to those local authorities that the grants must reach businesses as quickly as possible.
Banks have also been urged to make sure that the benefits of the loan scheme are passed through to businesses and consumers.
Mr Sharma explained that it would be completely unacceptable if any banks were unfairly refusing funds to good businesses that were in financial difficulty. He confirmed that, just as the tax payers stepped in to help the banks in 2008, the government will work with the banks to ensure the banks support businesses and consumers.
During the daily update, Mr Sharma confirmed that the Chancellor will provide further detail on business support in the coming days.
The Business Secretary was asked what the UK's 'exit strategy' is for bringing the pandemic under control. Mr Sharma's response confirmed that current lockdown measures must be kept in place to avoid a second peak in the virus.
The government is confident that the business support currently being offered will ensure that the country is "ready to bounce back".
If your business is affected by the current pandemic and you currently face financial difficulty or have any concerns, please visit our dedicated Covid-19 support page or contact a member of our team.