Another Lockdown! What financial support is available this time?

Prime Minister Boris Johnson confirmed that the new COVID-19 national lockdown will take effect from January 4th and will remain in place until further notice. The decision was made in response to the rapidly rising COVID-19 cases across the UK. Mr Johnson stated that “workplaces should stay open where people cannot work from home – for example in the construction or manufacturing sector”. For further guidance about the lockdown see the GOV website here https://bit.ly/3el4z3F

During the lockdown, you must only leave home for the following reasons:

• Shop for basic necessities, for you or a vulnerable person
• Go to work, or provide voluntary or charitable services, if you cannot reasonably do so from home
• exercise with your household (or support bubble) or one other person, this should be limited to once per day, and you should not travel outside your local area.
• meet your support bubble or childcare bubble where necessary, but only if you are legally permitted to form one.
• seek medical assistance or avoid injury, illness or risk of harm (including domestic abuse).
• attend education or childcare – for those eligible.

These new measures will also see all schools move to remote working except for the children of key workers and vulnerable children.

Financial Support for Self-Employed & Small-Businesses:

New Style Employment and Support Allowance (ESA) – https://bit.ly/2TUabbI

You can apply for ‘new style’ ESA If you’ve been affected by coronavirus and you’re unable to claim Statutory Sick Pay. One of the following must apply to you or your child:

• You might have coronavirus or you’re are recovering from it
• you are self-isolating because you came into contact with someone who might have coronavirus
• you’ve been advised by your doctor or healthcare professional to self-isolate before going into hospital for surgery
• you’ve been advised to ‘shield’ (take extra precautions to reduce contact with others) because you’re at very high risk of severe illness from coronavirus
•  

Coronavirus Bounce Back Loan – https://bit.ly/36eQ8e7

The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover up to the maximum loan of £50,000. The government guarantees 100% of the loan and assures that there won’t be any fees or interest to pay for the first 12 months. After the 12 months the interest rate will be 2.5% a year and applications remain open until 31 March 2021.

Coronavirus Job Retention Scheme (CJRS) – https://bit.ly/35XmJ7X

The Furlough scheme, also known as the Coronavirus Job Retention Scheme means that workers in any part of the UK can retain their job, even if their employer cannot afford to pay them, and be paid at least 80% of their salary up to £2500 a month.

Please note that the Job Support Scheme, which was scheduled to come in on Sunday 1st November, has been postponed due to the Job Retention Scheme being extended.

Local Restrictions Support Grant – https://bit.ly/2I6BLQG

Any eligible small-business premises required to close due to the National Lockdown restrictions may be eligible for a Local Restrictions Support Grant (LRSG).