New support announced for business on 24 September 2020

Support for the self-employed

  • The chancellor is extending the self-employed grant on similar terms to the Job Support Scheme
  • A grant will be available to those eligible for the Self Employment Income Support Scheme Grant
  • The grant will cover three months’ worth of profits for the period from November 2020 to the end of January 2021
  • It will cover 20% of average monthly profits up to a total of £1,875 for November 2020 to January 2021 inclusive
  • A further grant should be available to the self-employed to cover February 2021 to the end of April, depending on circumstances
  • The grant will again be treated as self employed income for tax purposes
see more details on HMRC website  here

Business loans

  • Bounce Back Loans will be extended from six years to 10, cutting monthly repayments by nearly half
  • Coronavirus Business Interruption Loan Scheme lenders will also be able to extend the length of loans from the current maximum of six years to 10 years
  • The chancellor is also extending the deadline for the government’s coronavirus loan schemes to the end of November
  • Businesses struggling can choose to make interest only payments for six months and those “in real trouble” can apply to suspend repayments altogether for six months
  • Businesses will not see their credit rating fall as a result, the chancellor says
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