New statistics showing significant Government support for businesses in the High Peak have been welcomed by local MP Robert Largan. 

Businesses across the High Peak have benefitted from £64,315,793 worth of loans since the start of the Coronavirus outbreak. This includes 1,644 Bounce Back Loans – 100 per cent Government-backed loans which are interest-free for the first 12 months – worth £44,624,016. The scheme ensures that small firms which need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.

In addition, 77 loans have been offered in High Peak at a value of £19,691,777 through the Coronavirus Business Interruption Scheme. The Scheme has helped small- and medium-sized businesses to access loans and other kinds of finance up to £5 million.

The Chancellor has also announced that the Government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of Coronavirus restrictions. This is alongside an increase in the cash grants to businesses in England required to shut in local lockdowns, to support them with fixed costs of up to £3,000 per month.

So far, the Government has provided over £200 billion throughout its economic response to Coronavirus to support jobs and businesses in the UK.

Robert Largan MP commented:

“This year has been hugely challenging for businesses in the High Peak, but these latest figures demonstrate the scale of support that the Government has put in place to protect livelihoods and businesses. 

“I am keeping the pressure on the Government to get the High Peak the support we need to get us through this.”

Chancellor of the Exchequer Rishi Sunak commented:

“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.”