What are the government doing to support people and businesses financially?
As you likely know, England is to be placed under strict nationwide restrictions from Thursday 5th November in an attempt to slow down the spread of coronavirus.
These restrictions will take effect at 12.01 am Thursday and remain in place until the 2nd December (at the time of writing).
Northern Ireland, Scotland, and Wales are subject to their own lockdown restrictions and it’s worth consulting their government websites if you operate in one of these areas.
So, what sort of financial support can businesses expect during this national lockdown? The below initiatives are valid at the time of writing on 5th November 2020:
- The furlough scheme (where 80% of employees salaries are covered up to £2,500 by the government) is to be extended to March. This could be a critical lifeline to support businesses that employ staff.
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.
- Government increases support of the UK-wide Self-Employment Income Support Scheme, with people receiving 80% of average trading profits for November.
- 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.
- Lastly, whilst not relevant to businesses directly, our customers may be able to ease their own personal financial burden with a mortgage payment holiday against their homes. This too has been extended.
We have only summarised the help on offer here, and we strongly suggest you consult government information websites for more information on all of the above. It is important you do your own research and apply for any grants/financial help available yourself.