Protecting jobs and businesses during lockdown
Updated: Nov 5, 2020
On Thursday, England will enter a new time-limited lockdown for four weeks to stop the spread of coronavirus, protect our NHS and save lives.
The Government has announced new measures to protect jobs and support businesses throughout this period of new restrictions. My team and I are here to help you through this crisis. If you need support, please email firstname.lastname@example.org.
Here is the full list of the measures that have been announced so far:
1) Coronavirus Job Retention Scheme extended to March: The furlough scheme will be extended until the end of March covering 80% of employees' wages, up to a maximum of £2,500.
The Job Support Scheme will be introduced following the end of the furlough scheme.
2) Self-Employment Income Support Scheme: Support for the self-employed will be increased from 40% of trading profits to 80% for November to January. This means the third grant covering this period will be up to a maximum of £7,500.
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.
3) Business Grants: Business premises forced too close in England will receive grants worth up to £3,000 per month under the Local Restrictions Support Grant.
4) Mortgage holiday extended: 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.
5) Loan schemes extended: The deadline for applications to Government-backed loans will be extended until 31 January 2021. This includes Bounce Back Loans, Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme.
The Bounce Back Loan Scheme rules will allow those businesses who have borrowed less than their maximum to top-up their existing loan. Businesses will be able to take-up this option from next week.
6) Local authorities support: Local authorities will receive an additional £1.1 billion to enable them to support businesses.