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
-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.
-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...
Full statement from the Chancellor below