Financial Support for the Second Lockdown
Following the Government’s announcement of a second lockdown for England from 5 November, further financial support has been made available for businesses & individuals.
Brief details of the measures are as follows:
Furlough Scheme Extended
The furlough scheme will not now end on 31 October as planned but will continue until 30 November. For the month of November, the Government will fund 80% of hours not worked by eligible employees with employers only being responsible for paying the associated employer’s National Insurance & Employer’s pension contributions. Flexible furlough will continue to be an option.
Employees must have been included on an RTI submission on or before 30 October 2020 to be eligible.
Business Grants
Businesses in England that have premises & who are required to close due to local or national restrictions will be eligible for the following:Business in England that have premises & who are required to close due to local or national restrictions will be eligible for the following:
- Properties with a rateable value of up to £15,000: £1,334 per month or £667 per two weeks
- Properties with a rateable value between £15,000 & £51,000: £2,000 per month or £1,000 per two weeks
- Properties with a rateable value of £51,000 or over: £3,000 per month or £1,500 per two weeks
The devolved administrations will be allocated funds to set up similar schemes.
Mortgage Holidays
Borrowers who have been impacted by coronavirus, who have not yet had a mortgage payment holiday will be entitled to a six-month holiday. Borrowers 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.
Further detailed guidance on all three announcements is expected soon & will be published on the Gov.uk website.