Financial Support

November 2nd 2020

Summary of the support announced today below-

(This will be updated as announcements come out)

Self Employed & Businesses:

-The government is increasing the support to the self-employed from 40% of trading profits to 80% for November.

-SEISS is calculated over 3 months so this increases the total grant from 40% to 55% of trading profits for November to January and the max grant increases to £5,160.

-Grants will also be paid faster than previously planned with the claims window opening at the end of November rather than the middle of December.

-The increase means £4.5bn of support for the self-employed between November and January.

-To help more businesses access additional support, deadlines for applications to our government-backed loan schemes and the Future Fund have been further extended until 31 January 2021.

Extended until January 31st:

-Coronavirus Business Interruption Loan Scheme

-Coronavirus Large Business Interruption Loan Scheme

-Bounce Back Loan Scheme

-Future Fund

-Extended furlough scheme for a further month covering 80% of employees’ wages.

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.

Mortgages:

-Mortgage payment holidays will no longer end on 31 October. Borrowers impacted by COVID who haven't had a mortgage holiday will be entitled to a 6-month break. If you've already started a mortgage holiday you can top up to 6 months without it being recorded on a credit file.

Further information please follow this link- https://www.gov.uk/.../furlough-scheme-extended-and...

and

https://www.gov.uk/government/organisations/hm-treasury

Full statement from the Chancellor below