Today, we have entered a second national lockdown. The government has announced a number of measures to help businesses during this difficult time. 

We provide a summary of the main support measures below, which includes those announced today by Chancellor Rishi Sunak.

Furlough Extension 

The Coronavirus Job Retention Scheme has been extended until the end of March with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500 per month.

There are currently no employer contribution to wages for hours not worked. Employers will only be asked to cover National Insurance and employer pension contributions for hours not worked.

An employer can claim for employees who were employed and on their PAYE payroll on 30th October 2020. The employer must have made a PAYE Real Time Information (RTI) submission to HMRC between 20th March 2020 and 30th October 2020, notifying a payment of earnings for that employee.

The Job Support Scheme, which was scheduled to come in on Sunday 1st November, has been postponed until the furlough scheme ends.

The Job Retention Bonus (JRB) will now not be paid in February. The government will redeploy a retention incentive at the appropriate time.

Support for the Self-Employed

An extension to the Self-Employment Income Support Scheme has been announced. This will provide critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.

The Chancellor confirmed today that the third grant covering November to January will be calculated at 80% of average trading profits, up to a maximum of £7,500.

To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:

  • have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
  • declare that they intend to continue to trade and either:
    • are currently actively trading but are impacted by reduced demand due to coronavirus
    • were previously trading but are temporarily unable to do so due to coronavirus

HMRC will provide full details about claiming and applications in due course. 

Business Grants

Businesses 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.

When we receive further information as to how the above business grants can be accessed in our local area, we will be in touch.  

Local Authorities in England will receive one off funding of £1.1 billion to support businesses more broadly over the coming months, which they can use at their discretion. The detail on how this funding will be used to support businesses in our local area is still being agreed. We anticipate receiving further details early next week.

Loan Finance
The Chancellor has announced that the Bounce Back Loans, Coronavirus Business Interruption Loans and Future Fund will now be extended for applications up to 31st January 2021.

The government is also adjusting the Bounce Back Loan Scheme rules to allow those businesses who have borrowed less than their maximum (i.e. the lower of £50,000 or less than 25% of their turnover) to top-up their existing loan.

For more information please visit:

Mortgage Payment Holidays
Mortgage Payment Holidays will continue to be available for homeowners in the UK. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file. 

We hope that this summary has been useful. For additional information, please visit

If you have any questions or would like to discuss the above further, please do not hesitate to contact us on (024) 7671 5111.