Thursday, November 05, 2020

More support for jobs and businesses

 

Throughout this pandemic, the government has been working to protect lives and livelihoods. The Prime Minister has announced new national restrictions that will prevent further spread of the virus.
 

We know how worried people are – about their health, the health of their loved ones, their jobs, their businesses, and their financial security. And that’s why the Government’s economic priority remains the same: protecting jobs.
 

Today the Government is announcing that it will:

  • Extend the Coronavirus Job Retention Scheme further, until the end of March.
     
  • Not pay the Job Retention Bonus in February but instead redeploy a retention incentive at the right time.
     
  • Increase the next self-employed grant from 55 per cent to 80 per cent of trading profits.
     
  • Increase the upfront guarantee of funding for the devolved administrations from £14bn to £16bn, on top of their Spring Budget 20 funding.

This comes on top of the extensive support already announced:

  • Cash grants of up to £3,000 per month for businesses which are closed in England.
     
  • £1.1 billion for councils in England to further support businesses more broadly over the coming months.
     
  • Extension of existing loan schemes to the end of January and an ability to top-up Bounce Back Loans.
     
  • An extension to the mortgage payment holiday for homeowners.
     
  • Providing councils in England with up to £500 million of funding to support the local healthcare response.
     
  • Over £200 billion on VAT relief, business rate relief, loans, tax deferrals, and support for individuals.

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