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Lockdown updates

Lockdown updates

Chancellor Rishi Sunak has announced major changes to
government support schemes after businesses and leaders in several regions
warned that businesses were struggling under England’s tiered local lockdown
measures. The changes will primarily benefit the hospitality and leisure
sector, significantly impacted by restrictions on household mixing. Sunak has
extended grant programmes to businesses in Tier 2 areas and increased support
for the self-employed, as well as making changes to the Job Support Scheme that's
due to start in November.

See further details of the announcement below:

• Businesses
in Tier 2 can now apply for cash grants of up to £2,100 a month. Previously,
grants were only available to businesses in the very high stage of lockdown,
Tier 3. They can be backdated for any businesses affected by enhanced
restrictions since August.

• Sunak
announced the Job Support Scheme Closed: for businesses in Tier 3 legally
required to close, the government will cover 67% of employees’ wages and
employers will not have to pay anything.

• He
also changed the Job Support Scheme for businesses in any tier of lockdown:
previously, employees had to work at least 33% of their usual hours to be
eligible; that has been reduced to 20%.

• He has
also reduced the employer contribution for hours not worked from 33% to 5%, for
businesses in all lockdown tiers.

• Government
grants for the self-employed will also double, rising from 20% of income to
40%, up to a maximum of £3,750.

At Cole Harding we know it is becoming more difficult to manage cost of living and trying to get a mortgage.

Should you need any advise please call us today on 0208 059 4444

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