Covid-19 Financial Support
A Round-Up of the Latest Announcements

Since the start of the second lockdown in England, announcements regarding financial support from the Government have come thick & fast.

Below is a brief summary of the recent announcements with links to more detailed guidance from the Government:

The Coronavirus Job Retention Scheme (CJRS)

The CJRS has been extended to 31 March & detailed guidance of who is now eligible & how to calculate what can be claimed was published last night: 

 This guidance covers November to January. The scheme will be reviewed & guidance for February & March will be issued at a later date.

As a result of the extension to the scheme, the previously announced job retention bonus will not be paid in February.

The Self Employment Income Support Scheme (SEISS)

Two further grants will be made available under the scheme. The first of these, originally due to be 20% of 3 months average reference profits & then 40% & then 55% will now be 80%, capped at £7,500.

Claims can be made from 30 November.

The eligibility criteria remain the same as for the first two grants with the additional condition that you must either be actively trading but impacted by reduced demand due to coronavirus or previously trading but temporarily unable to do so because of coronavirus.

Local Restrictions Support Grants

Grants are available for businesses that occupy property on which they pay business rates & who have been required to close due to either a local or national lockdown. Discretionary grants will also be made available to businesses that don’t pay rates but have been required to close & also to businesses that are not required to close but that have been severely affected by the lockdown.

Local authorities have made guidance available regarding how & when to claim:

Some of this guidance is currently very sparse but it should be updated over the next few days.

Business Interruption Loans

The application deadline for business interruption loans has been extended from 30 November to 31 January.

Bounce Back Loans

The application deadline for bounce back loans has also been extended to 31 January.

New options have been made available to top up existing loans (if you originally borrowed less than your maximum entitlement), extend the loan period, make interest-only repayments or pause repayments.

Mortgage Holidays

Mortgage holidays were due to end on 31 October, but this deadline has been removed & more options have been proposed for homeowners who are having difficulty making their mortgage repayments.