Last week the government announced new measures to support businesses over the coming months as a result of the impact of Covid-19, and we’re making sure businesses in South and Vale are aware of what help is available to them and we’ve updated our Business Support website with more information. Here’s a quick summary of the headlines:
- The Furlough Scheme will end. In its place and from the 1 November, the Job Support Scheme will protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19.
- The Self-Employment Income Support Scheme extension will support viable traders who are facing reduced demand over the winter months, covering 20 per cent of average monthly trading profits via a government grant.
- More than one million businesses that have borrowed under the Bounce Back Loan Scheme will be offered the choice of more time and greater flexibility for their repayments.
- Lenders can offer Coronavirus Business Interruption Loan Scheme borrowers more time to make their repayments where needed.
- The application deadline for all coronavirus loan schemes – including the future fund – has been extended to 30 November.
- Businesses who deferred their VAT will no longer have to pay a lump sum at the end of March next year. They will have the option of splitting it into smaller, interest free payments over the course of 11 months. Self-assessed income taxpayers can also now extend their outstanding tax bill over 12 months from January.
- The Government has extended the 15% VAT cut for the tourism and hospitality sectors to the end of March next year.
