Following on from Sam’s update on the Job support scheme I now detail below the additional support announced by Rishi for both the Self-Employed and businesses.

Self-employed grant

In the main the information contained within our update of the 29th September is still correct. The only change that the government have made is to double the amount that can potentially be claimed, the changes are:

  • Previously the grant would cover 20% of the average trading profits; this has now been increased to 40%.
  • In line with the above, the grant is now capped at £3,750 doubling from the £1,875.

The link below details the changes announced.

https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension

Business grants

Rishi has now announced additional support will be provided to Local Authorities (LAs) to support businesses in high-alert areas which are not legally closed but have been severely impacted by the restrictions on socialising.

The funding LAs will receive will be based on the number of hospitality, hotel, B&B, and leisure businesses in the area. 

I summarise below the details and also include a link to the government site which is certainly worth a read.

https://www.gov.uk/government/news/plan-for-jobs-chancellor-increases-financial-support-for-businesses-and-workers

The amount available as a grant is as follows;

  • For properties with a rateable value of £15,000 or under, grants of 934 per month.
  • Rateable value of between £15,000 and £50,999, grants of £1,400 per month.
  • £51,000 and over, grant of £2,100 per month.

Who qualifies for the grant?:

  • Your area needs to be in at least tier 2 of the restrictions to be able to qualify for the grant.
  • If you are in Tier 3 you will qualify for additional support of up to £3,000 a month whether open or closed.

I will of course update you as soon as additional information is provided by the government.

Telephone number: 01392 360008