'Businesses need flexibility to pay back emergency Covid-19 loans'
Responding to the Chancellor of the Exchequer Rishi Sunak MP’s announcement of a Winter Economic Plan, including a new raft of measures to support businesses and the economy as the pandemic continues, Mid Yorkshire Chamber Managing Director Martin Hathaway said:
“Many businesses across Wakefield have been contacting us needing more support after the initial grants and loans were made available to them. The time is fast approaching when repayments of those loans will need to be remade so the extra flexibility and extensions announced yesterday will provide some comfort.
“But there is no immediate relief and support for those businesses and many are not eligible for the new Jobs Support Scheme. Hospitality, leisure and retail businesses which are so important to Wakefield’s economy are all suffering considerably by the decreased footfall at many of our retail centres and attractions.
"The earlier closing times of our pubs, bars and restaurants will have an inevitable effect on their revenues and we must consider what further support can be provided to those businesses and the local people that they employ.
“Together with Chamber of Commerce across the UK, we will continue to work with government to ensure the benefits of the different schemes are delivered to firms on the ground.