After the announcement of another lockdown and the forced closure of many businesses, there has been some updated support released by the Government. We will provide as much detail as we can for now and update when we have more information.
Extension to the Furlough Scheme
The Furlough scheme will be extended to December, with employees receiving 80% of their salary up to a maximum of £2,500. The employers will be expected to cover the cost of national insurance and pension contributions only.
The flexible furlough scheme will also remain in operation.
To benefit, employees MUST be on their employer’s payroll on 30 October 2020, with an RTI submission being made on or before 30 October to qualify.
We have no further information regarding the mechanics of the claim at the moment but will update once we do have more information.
Business Grants
For those businesses forced to close as a result of local or national restrictions, you will be eligible for the following:
Properties with rateable values of £15k or less – Grants are to be £1,334 per month or £667 per two weeks.
Properties with a rateable value of between £15k - £51k – Grants are to be £2,000 per month or £1,000 per two weeks
Properties with a rateable value of over £51k – Grants are to be £3,000 per month or £1,500 per two weeks.
It would appear it’s likely down to local authorities whether the grants you receive will be paid monthly or fortnightly, so I would suggest you take a look at your local authority websites for further information.
Mortgage holidays
Borrowers affected by coronavirus who have not yet taken a mortgage payment holiday will be entitled to a six month payment holiday and those who have already started a payment holiday will be able to extend their existing holiday to six months without it impacting their credit file. Apparently the FCA will be producing further information around this in the coming days.
I am sure this package of measures will be extended and clarified in the coming days, and I will review and send out updates on this when necessary.
I appreciate this is worrying times for all, and if there is anything I can do to help then please do let me know.