Sunday, 1 November 2020

Furlough Scheme Extended and Further Economic Support Announced

Following the Prime Ministers Saturday night announcement of a partial lockdown in England from Thursday 5th November until the 2nd December, the Chancellor has announced the further economic support that will be available:

 

Furlough Scheme Extended

The Coronavirus Job Retention Scheme has been extended for a month until the beginning of December, with employees receiving 80% of their current salary for hours not worked.

 

The Job Support Scheme, which was scheduled to come in on Sunday 1st November, has been postponed until the furlough scheme ends.

 

Mortgage Holidays

Mortgage payment holidays will no longer end today. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

 

Business Grants

Businesses required to close in England due to local or national restrictions will be eligible for the following:


  • For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;

  • For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;

  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

The Government is expected to provide further guidance on the support available early next week, and we will publish full details as soon as we know more.

In the interim if you have any questions, or if you need any support please do not hesitate to drop me a line.

 

Best,

 

Steve

 

Steven Hillman ACA

Chartered Accountant

Tel: 01934 444100


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