The Chancellor of the Exchequer, Rishi Sunak, presented the Winter Economy Plan to Parliament on Thursday 24 September 2020, outlining how the government will support jobs and the economy over the coming months.
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The application deadline for all coronavirus loan schemes – including the future fund – has been extended to 30 November ensuring even more businesses can benefit from government-backed support.
- More than one million businesses which have borrowed under the Bounce Back Loan Scheme will be offered the choice of more time and greater flexibility for their repayments.
- 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 – benefitting up to half a million businesses.
- The Self-Employment Income Support Scheme to be extended, supporting viable traders who are facing reduced demand over the winter months, covering 20 per cent of average monthly trading profits via a government grant.
Making the announcement to Parliament, the Chancellor presented a package of measures that will continue to protect jobs and help businesses through the uncertain months ahead with a second wave of the coronavirus (COVID-19). The package includes a new Jobs Support Scheme to protect millions of returning workers, extending the Self Employment Income Support Scheme and 15% VAT cut for the hospitality and tourism sectors, and help for businesses in repaying government-backed loans.
The Chancellor of the Exchequer Rishi Sunak said:
The resurgence of the virus, and the measures we need to take in response, pose a threat to our fragile economic recovery…
Our approach to the next phase of support must be different to that which came before.
The primary goal of our economic policy remains unchanged – to support people’s jobs – but the way we achieve that must evolve.
Download the full Winter Economy Plan at the links below:
To read the Chancellor’s speech in full, please follow this link.
For more information, please visit the GOV.UK website.
Self-Employment Income Support Scheme
SEISS Grant Extension: what is covered by the grant, who is eligible, and how to claim.
Job Support Scheme
This Job Support Scheme factsheet explains what is covered by the grant, which employers and employees are eligible, and how to claim.
