Lockdown 2.0: Furlough scheme extended and more

November 2nd, 2020

The PM’s announcement on Saturday triggered a raft of changes to the financial support available to businesses during the ongoing COVID-19 pandemic.

With an increasing number of businesses mandated to close under the new lockdown restrictions, Boris Johnson confirmed that the Coronavirus Job Retention Scheme (CJRS) would remain open until December 2020, with the new scheme being far more generous to employers than what was on offer in October.

Here’s what you need to know about the extension to the furlough scheme:

More information concerning who is eligible and the support available to employers and employees can be found here: https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced 

Further details, including how to claim this extended support, will be announced shortly.

The Job Support Scheme, which was scheduled to come into force yesterday [Sunday 1st November], has been postponed until the furlough scheme ends.

Business Grants

Businesses required to close in England due to local or national restrictions will be eligible for the following:

Mortgage Holidays

Mortgage payment holidays will no longer come to an end as planned. Borrowers who have been impacted by the Coronavirus and have not yet had a mortgage payment holiday will be entitled to a six-month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

The FCA will announce further information on this today [Monday 2nd November].

As always, we will continue to keep you up to date with the latest news and announcements.

To discuss any of the above announcements in detail, then please contact your Champion adviser.

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