Businesses across the UK will be offered additional financial support in response to the four week national lockdown period that begins on 5 November.
Key elements of this extended support plan, include grants for those businesses forced to close as a result of the national lockdown, mortgage holidays, increased grants through the Self-Employment Income Support scheme and an extension of the Coronavirus Job Retention Scheme.
Businesses required to close in England due to local and national restrictions will be eligible for grants of up to £3,000 per month under the Local Restrictions Support Grant.
- For properties with a rateable value of £15,000 or under: grants to be £1,334 per month, or £667 per two weeks;
- For properties with a rateable value of between £15,000 to £51,000: grants to be £2,000 per month, or £1,000 per two weeks; and
- For properties with a rateable value of £51,000 or over: grants to be £3,000 per month, or £1,500 per two weeks.
Mortgage payment holidays have been extended beyond the 31 October 2020.
If a borrower has been negatively impacted by coronavirus, and has not yet had a mortgage holiday, they will be eligible for a six month payment holiday.
For those borrowers that have already started a mortgage payment holiday, there will be the option to increase to six months, without this being recorded on their credit file.
Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme (CJRS) will remain open until at least the end of March in response to the government’s lockdown measures to tackle the coronavirus pandemic. Find out more details here.
Self-Employment Income Support Scheme
The government has announced that they are increasing the overall level of the Self-Employment Income Support grant to 80% of trading profits, covering November to January for all parts of the UK. Find out more details here.
Further information on each of these support measures will be published shortly.