In a speech to the Commons today, the Prime Minister set out his roadmap for easing lockdown restrictions. Here is a summary of the points made.
Wayne Thomas, partner at Bates Weston, looks at the cashflow pressures that are mounting for businesses.
Following the National Lockdown announced yesterday by the PM, the Chancellor announced new one-off top up business support grants for the retail, hospitality and leisure sectors worth up to £9,000. Additionally discretionary funds are also available for other businesses impacted by the lockdown.
Chancellor announces an extension in the CJRS (furlough scheme) to the end of March 2021 and increases the self employment Income Support Scheme level of support grant from 55% to 80% of average monthly trading profits.