Government Announces New Support for Businesses

25th September 2020

Yesterday the UK Government announced new plans to support workers and businesses who continue to be hit hard by the COVID-19 restrictions. Some of the headline features from the statement were as follows:

A new Job Support Scheme, where the government will support the wages of staff who are unable to return to their normal hours. Eligible employees must be working at least a third of their normal hours to access Government funding to top up part of the pay for hours not worked. Details of the scheme are available HERE.

The terms of Bounce Back Loans and Coronavirus Business Interruption Loans can now be extended over 10 years to reduce the level of monthly repayment.

The reduction in VAT levels for tourism and hospitality industries has been extended to 31stMarch 2021.

Full details of all government support for businesses affected by the COVID-19 pandemic, including loans which are still available, can be found HERE.

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