With England back in national lockdown from 5 November 2020, the government has updated the financial support it will be offering during this time. We go into more detail about this below but if you have any questions, concerns or would like help applying, please don’t hesitate to get in touch.
Mortgage payment holidays
Mortgage payment holidays will no longer end on 31 October. Borrowers who have been impacted by Coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday. Those who have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.
The FCA will announce further information and we will update you when we know more.
Businesses which are required to close in England due to local or national restrictions will be eligible for the following:
- For properties with a rateable value of £15k or under, grants to be £1,334 per month or £667 per two weeks
- For properties with a rateable value of between £15k-£51k, grants to be £2,000 per month or £1,000 per two weeks
- For properties with a rateable value of £51k or over, grants to be £3,000 per month or £1,500 per two weeks.
Business grant policy is fully devolved. Devolved Administrations will receive UK Government financial support which they could use to establish similar schemes.
Government loan schemes
More businesses will also be able to benefit from government loan schemes which have been extended to the end of January 2021. Companies can also ‘top up’ existing Bounce Back Loans should they need additional finance. You can find out more about this on the gov.uk website.
The furlough scheme has been extended to cover the second lockdown and will now run until 31 March 2021. You can find out everything you need to know about this in our COVID-19 update.
Self-Employment Income Support Scheme
The Government has also extended the SEISS for another six months. This will be broken down into two separate instalments and the online service for claims will be available from 30 November. Head to our story for full details about this.
For further information about any of the schemes discussed or if you would like help applying, please get in touch with PKB and we’ll be more than happy to help.
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