It may be Autumn outside, but Winter is definitely in the air. Chancellor of the Exchequer Rishi Sunak announced his ‘Winter Economy Plan’ on Thursday 24 September 2020 for businesses and the self-employed during COVID-19.
With the furlough scheme coming to an end in October, more areas in the UK going into local lockdowns and muted talk of a short circuit lockdown during the October half term, what ‘s new for businesses by way of government funding and support to keep them afloat during the next 6 months.
- Job Support Scheme – designed to protect jobs during the winter months for businesses experiencing low demand in COVID-19. If a business can reduce staff hours to retain jobs the cost will be met by the government, employer and employee, if eligible. More information here: https://www.gov.uk/government/publications/job-support-scheme
- Self-Employed Income Support Scheme (SEISS) Grant Extension - The grant will be limited to self-employed individuals who are currently eligible for the SEISS and are actively continuing to trade but are facing reduced demand due to COVID-19. The extension will provide two grants and will last for six months from November 2020 to April 2021. Find out here: https://www.gov.uk/government/publications/self-employment-income-support-scheme-seiss-grant-extension
- Pay as you Grow Flexible Repayment Scheme – for those businesses that took out a bounce back loan or Coronavirus Business Interruption loan, repayments could be extended from six to 10 years thus reducing monthly costs. Read more here
- VAT Cuts – the temporary 15% VAT cut will remain in place for the hospitality and tourist sector until March 2021
Want to know more?
Keep up to date with the new Covid – 19 Business Hub at Now Business Finance, foundered by CEO Karen Davidson. The hub is a one stop shop for information on government funding, loans and others schemes to financially support businesses during this Coronavirus Pandemic.
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