Coronavirus

Chancellor Announces New Business Support Scheme

By Jess Browne-Swinburne

22 Oct 2020

Chancellor Rishi Sunak MP has today announced new measures to support businesses, set to come in on November 1.

He announced the following new measures to support businesses:

1) New grants of up to £2,100 will be available for firms affected by Tier Two rules, primarily in the hospitality, leisure and accommodation sector. The grants will be paid retrospectively and cover any business affected by enhanced restrictions since August. These grants will be distributed by the council and will be equivalent to 70% of the value of the grants for closed businesses in Tier Three.

2) The Job Support Scheme (JSS) will now require employees to be working for 20% of their normal hours, compared to 33% when originally announced. The amount which employers will be required to contribute to the JSS has also been reduced from 33% to 5% and employers will continue to receive the £1,000 Job Retention Bonus.

3) The Government will increase the amount of profits covered by the two forthcoming self-employed grants from 20% to 40%, meaning the maximum grant will increase from £1,875 to £3,750.

View the full measures here.

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