Furlough Scheme Extended and Further Economic Support announced

In light of the increased restrictions the UK government is introducing additional economic and business support measures:

The Coronavirus Job Retention Scheme: The Coronavirus Job Retention Scheme, also known as the furlough scheme, has been extended to December 2020. Check to find:

The Job Support Scheme will not be introduced until after Coronavirus Job Retention Scheme ends.

Self-Employment Income Support Scheme Grant Extension:  The grant is being extended from 1 November 2020. The grant will be increased from the previously announced level of 40% of trading profits to 80% for November 2020. Find out if you are eligible and how much you can get.

Business Grants: Business premises forced 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.

Business grant policy is fully devolved. Devolved Administrations will receive Barnett consequentials which they could use to establish similar schemes.

Loan schemes: application deadlines extended to January 31 2021: The application deadlines for the coronavirus Bounce Back Loan, Coronavirus Business Interruption Loan, Coronavirus Large Business Interruption Loan Scheme and coronavirus Future Fund have been extended  until 31 January 2021.

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