Chancellor increases support for businesses
The Chancellor has further amended the support available to businesses in the pandemic.
Chancellor's statement to the House - Plan For Jobs
Local authorities in England will provide businesses impacted by Tier 2 restrictions, even if they aren't legally closed, with direct cash grants. LAs will have discretion but extra funding should give those business premises in the hospitality, leisure and accommodation sectors a direct grant of up to £2,100 for each month Tier 2 restrictions apply. The scheme is retrospective to August 2020.
The Job Support Scheme is being made more generous for UK employers:
- Employees now have to work only 20% of their hours, not 33%.
- The employer contribution for hours not worked will be 5%, not be 33%.
- The scheme will apply to eligible businesses in all alert levels, so businesses that are not closed but face higher restrictions, as well as the devolved nations, will be able to access greater support.
Policy paper, The Job Support Scheme
The next round of the self-employed income support scheme for the UK will increase from 20% to 40% of people's incomes from November 2020, increasing the maximum grant to £3,750.
Policy paper, Self-Employment Income Support Scheme Grant Extension
