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Cornish businesses facing financial ruin due to COVID-19 outbreak

Cornish businesses facing financial ruin due to COVID-19 outbreak

Published by the Pirate FM News Team at 4:25pm 7th April 2020. (Updated at 4:30pm 7th April 2020)

There is a stark warning, that many Cornish businesses are facing financial ruin due to COVID 19, unless urgent action is taken immediately by authorities.

The Cornwall COVID Working Party’s survey, paints a dire picture for the Duchy: 15 per cent of businesses said they didn’t have enough reserves to last a week, a further 24 per cent of businesses said they didn’t have reserves to last a month, and a further 18 per cent said they didn’t have reserves to last for three months.

Kim Conchie, chief executive of Cornwall’s Chamber of Commerce, stresses that unless Government pledges like ‘Coronavirus Interruption Loan Schemes’, ‘Tax Holidays’ and ‘Rate rebates’ are implemented now, before the Easter Holidays, the economic pain in the Duchy could last for decades to come.

“If we don’t get this done, the effect on Cornwall of 40 per cent of our businesses going to the wall over the next three months would be absolutely massive – the impact on our economy for decades to come would be enormous”.  

Kim Conchie, chief executive of Cornwall’s Chamber of Commerce

Around 10,000 businesses in Cornwall have already received £116 million in grants as part of a Government scheme to help companies survive the coronavirus pandemic. 

A further 3,500 businesses have applied to Cornwall Council over the last three days for a business support grant – a fund set up by central Government and administered by the local authority.

In the coming weeks Cornwall Council expects to see around £281 million go out to small businesses in the retail, hospitality and leisure sector.

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