Today, the government have announced that businesses across the Gosport constituency, including Hill Head, Stubbington and Lee-on-the-Solent have benefitted from a total £47,273,559 in government loans.
That includes £16,992,020 for 62 businesses using the Coronavirus Business Interruption Loan Scheme and £30,281,539 for those who have received funding through the Bounce Back Loan Scheme.
The news has been welcomed by local MP, Caroline Dinenage, who commented:
“Speaking to businesses and constituents throughout the pandemic, I know what a lifeline Government support and funding has been.
“It is good to see that so many have benefitted from these loans and I know that this has been an incredibly hard time for employers and employees alike. I will continue to support our local businesses and economy as we continue to face the repercussions of the pandemic.”
In the Winter Economy Plan the Chancellor announced further support for those repaying their loans. This included a ‘pay as you grow’ repayment scheme for Bounce Back cutting repayments by almost half as loans are extended for 10 years. Those using the Coronavirus Business Interruption Loan Scheme will also benefit from the 10 year extension of the Government guarantee.
Chancellor of the Exchequer Rishi Sunak said:
“Our support for businesses and workers has provided a lifeline to employers up and down the country, supporting people to stay in jobs and protecting livelihoods.
“We will build on this as we move to the next stage of our recovery through the Winter Economy Plan, which will continue to protect jobs and help businesses through the months ahead.”