Friday 6th November, 2020
Chancellor Rishi Sunak confirmed that that the furlough scheme would be extended to March, in his statement yesterday to the House of Commons.
Along with the extended furlough period, the updated support measures included:
- An increase in the November to January self-employed income support grant from 55% of average profits to 80%
- A £2bn increase in upfront funding guarantees to £16bn for the devolved administrations and confirmation that the CJRS would be available to all the UK’s member countries until the end of March.
- Cash grants of up to £3,000 per month for businesses forced to closed. The grants will be administered by local authorities, who will also be given £1.1bn to distribute in the form of one-off, £20 per head payments to businesses
- Plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans.