- Published: Friday, 06 November 2020 09:28
- Written by News Editor
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The Chancellor of the Exchequer Rishi Sunak has increased support to businesses with a five-month extension of the furlough scheme into Spring 2021 and increased self-employed support for millions more workers through the Self-Employment Income Support Scheme (SEISS), which will be increased.
The Coronavirus Job Retention Scheme (CJRS) will now run until the end of March with employees receiving 80% of their current salary for hours not worked.
Similarly, support for millions more workers through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500.
- businesses and people across the UK given certainty over winter months with further support announced by Chancellor Rishi Sunak
- the furlough scheme will now be extended until the end of March – protecting millions of jobs across all nations
- the next self-employed income support grant will also increase from 55% to 80% of average profits - up to £7,500
On top of this, the government has announced:
- cash grants of up to £3,000 per month for businesses which are closed worth more than £1 billion every month
- £1.1 billion is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly
- plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans
- an extension to the mortgage payment holiday for homeowners
- up to £500 million of funding for councils to support the local public health response.
More information on today’s policy announcements can be found here: economic support factsheet (PDF, 143KB, 5 pages).
Link to HM Treasury statement:
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