Statement from the Minister for Economic Development, Tourism, Sport and Culture about the support for businesses

Minister for Economic Development, Tourism, Sport and Culture Senator Lyndon Farnham:

Good Afternoon.

We are doing everything we can to support businesses, and the measures we’re taking today will provide £180 million worth of support for our Island economy.

Support for business is support for people, protecting jobs, lives and livelihoods during this crisis.

We will stand firmly behind our economy, our businesses and their employees.

The package of support includes:

• £50 million in a new Jersey Disruption Loan Guarantee Scheme, to provide Government guaranteed bank lending and overdrafts to businesses;
• A Special Situations Fund to support larger businesses who are delivering a wider public good or strategic purpose, with up to £50 million of equity;
• The Emergencies Council have asked for consideration to be given to a small business emergency fund, to provide additional grant support to the self-employed and the very smallest of businesses;
• Deferral of Social Security contributions and GST payments are estimated to be worth £80 million in cashflow benefits to business;
• Deferrals or rent renegotiations, where the Government is the landlord are happening now. We are also seeking commitment by commercial landlords to do the same;
• We have asked utility companies to work alongside Government by giving customers flexibility in their payment terms, including payment deferrals; and
• All telecoms providers have today committed to upgrade all users to 1 Gigabit broadband, at no extra charge, to support families in self-isolation or social distancing, and those working from home.