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Further lockdown support announced (31 October 2020).

Together with the extension to the Furlough Scheme announced yesterday (31 October 2020), there were some additional support details released:

Extension to Self Employed Income Support Scheme (SEISS)

The SEISS was extended last month to allow a further two periods of claims (November 2020 – January 2021 and February 2021 – April 2021.  Grants will be paid in two lump sum instalments each covering a three-month period.

The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.

This Scheme is expected to come online on 14 December 2020.  There was no announcements yesterday regarding any changes to this scheme at present.

Business Grants

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.

This is expected to be distributed by local authorities

Mortgage Holidays

Mortgage payment holidays will no longer end today. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

The FCA will announce further information on Monday.

We are sure there are many more announcement to be made over the coming days and weeks so stay tuned for any updates.  Link to our Facebook page HERE