Businesses which have suffered a significant loss of trade due to flooding will be eligible to claim immediate funding through local authorities in order to help them continue trading.
Alongside funding and support, companies will be allowed extra time to file accounts without any penalties.
“The government is taking action across the board to deal with the clear-up and help hard-working people affected by the floods. Today I am announcing further support for businesses hit to help them get back on their feet,” said David Cameron, the prime minister.
Cameron encouraged businesses to work together, and stressed the importance of a national effort ‘with the whole country pulling together.’
John Allan, national chairman, Federation of Small Businesses, said: “Further financial support for small firms directly or indirectly affected is good news, and builds on the help announced last week.
“With the floods yet to abate, we want the level of support to be kept under review. Firms in these areas will take months to get back on their feet, and may need further help.”
The Business Support Scheme, funded by the Department for Business, Innovation and Skills is set to pay out an average of £2,500 per business.
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