What financial support is available for businesses in Lockdown 2?

On Saturday 31st October 2020, the Prime Minister announced a second national lockdown would come into place on Thursday 5th November to help control the spread of the virus.

Non-essential shops, leisure and entertainment venues will be forced to close temporarily. Click and collect services can continue and essential shops will remain open. Hospitality venues including pubs, bars, restaurants and cafes must close, except for takeaway and delivery services. Hotels can only remain open for those who have to travel for work purposes and other exceptional circumstances.

Further details about this second lockdown can be found here.

The Prime Minster confirmed that the lockdown will end on 2nd December, after which England will return to its tiered system of local lockdowns. The tier designation will depend on the rates of infection at that time.

What financial support is available for businesses for this second lockdown?

• Furlough: The Coronavirus Job Retention Scheme will remain open until December, with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500. At the end of this period, employment support will revert to the Job Support Scheme. Check which employees you can put on furlough here.
• Grants: Businesses required to close in England due to local or national restrictions will be eligible for a grant. The grants application process for Salisbury businesses will be announced in due course.
  • 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.
• Support for Self Employed: The Government has announced that the UK-wide Self-Employment Income Support Scheme (SEISS) will be revised to take account of the lockdown. As a result, the self-employed will receive 80% of their average trading profits for November. Payments will also be made more quickly with the claims window being brought forward from 14th December to 30th November.
• Extension of Loans Application Deadline: The various Coronavirus loan schemes, including the Coronavirus Bounce Back Loan and the Coronavirus Business Interruption Loan will remain open for applications until 31st January 2021.

For further information about the financial support available for businesses during the COVID-19 pandemic, click here.