SUPPORT for businesses which need help in the wake of the Coronavirus outbreak must come quickly, say business leaders in Coventry and Warwickshire.
The chancellor’s latest round of support for firms have been described as ‘unprecedented’ by the Coventry and Warwickshire Chamber of Commerce.
Rishi Sunak announced a package of measures in excess of £300billion to help support the economy in light of the social changes which have been announced to tackle the virus.
The package included help for businesses large and small, changes in business rate relief outlined in last week’s budget, and assistance for the leisure and hospitality industries.
Chamber chief executive Louise Bennett welcomed the chancellor’s promise to ‘do whatever it takes’.
She said: “The government said it will work quickly to get support in place as soon as possible and we will be monitoring that very closely on behalf of businesses across the region. The key is getting money to the businesses on the front line as fast as possible.
“It’s vitally important that companies who may never have asked for support before come forward if they need assistance. We have to get through this and it’s vitally important that businesses are in a position to get the economy moving forward again once we do.
“We also want businesses to come forward with their own issues that may not yet have been considered by the government.”
She said the chamber was keeping members updated with the latest information from the government and would guide businesses through the support available.
She added: “Businesses can contact the chamber for information and guidance during this period – from HR and legal support through to help with overseas clients and contacts.
“We will also be guiding companies on how to access Business Interruption Loans and have already had contact with a major bank who, in the next couple of days, will be ready to begin supporting companies through this period.
“It’s vitally important that businesses know they have support and advice available at this time.”
Adam Marshall, Director General of the British Chambers of Commerce, said many businesses were starting to report an impact on their cashflow and growth prospects.
He added: “More will need to be done later in the year to boost business confidence and tackle prolonged economic stagnation.
“Securing new trading arrangements, taking real action to reduce the high upfront costs of doing business, and putting spades in the ground on long-overdue infrastructure projects must be prioritised in order to secure our long-term economic prospects.”
