Coronavirus: Chancellor Announces Further Plans for Business Support
05 Nov 2020
Having had to lockdown in England after the rise in Coronavirus cases, the UK Government has made further changes to the provisions available to businesses during the coronavirus pandemic.
The Chancellor acknowledged that the effects of coronavirus on business would continue after the end of lockdown and announced that the scheme would be extended until the end of March, with the same terms as now of an 80% wage contribution coming from the Government. He also announced further cash grants for businesses and self-employment support would be made available.
After the concerns raised by the devolved nations over access to financial help for differing restrictions in Northern Ireland, Wales and Scotland, the Chancellor confirmed the Prime Minister's statement that they would be permitted to use the furlough scheme as needed. Sunak confirmed that funding for the devolved administrations would increase from £14 million to £16 million.
Also, the Self-Employed Income Support Scheme grant has been increased to 80% of average monthly trading profits over a 3-month period to £7,500.
Finally, Businesses who have borrowed less than the maximum of £50,000 or 25% of their turnover as part of the Bounce Back Loan will be allowed to top-up their loans. The scheme will accept new applications until 31 January 2021.
More information to follow.