FINANCIAL SUPPORT AND DATA INFORMATION
key update from John Bridge OBE DL
Additional support for the self-employed
The additional support for the self-employed is very welcome and will provide relief for many, but it should have been announced at the same time as the furlough scheme extension in order to give sole traders greater confidence.
Bringing the Self-Employed Income Support Scheme in line with the extended furlough scheme will help many through a period of hardship and closure. New grants, paid faster than previously planned, and extended loan schemes, will also help to ease cashflow concerns. However, Ministers must immediately consider extending the support on offer for a longer period, given the difficult winter ahead.
Despite this extension, there are still many businesses and individuals who have through no fault of their own not yet been able to access any government support since the start of the pandemic. They too will require help to sustain their businesses and avoid further increases in unemployment.
The details and announcement by the Chancellor can be read here.
Coronavirus Job Retention Scheme Extension
More information in respect of the extension of the Coronavirus Job Retention Scheme was announced yesterday and can be accessed here.
Summary of Financial Support for Jobs and Businesses announced
Also yesterday a summary of the following aspects of the Financial Support for Jobs and Businesses being implemented was released:
The full summary can be found here.
- An extension to the Coronavirus Job Retention Scheme until 2 December
- More generous support to the self-employed and paying that support more quickly
- Cash grants of up to £3,000 per month for businesses which are closed
- £1.1 billion for councils to enable them to support businesses more broadly over the coming months, as a key part of the local economy
- Plans to extend existing Loan Schemes and Future Fund to the end of January and an ability to top-up Bounce Back Loans
- An extension to the mortgage payment holiday for homeowners
- Providing councils with up to £500m of funding to support the local healthcare response.
Business Impact of Coronavirus - Survey and Review
You may find of interest the recently published Business Impact of Coronavirus Survey and Review which includes analysis of the Business Impact of Coronavirus Survey (BICS) as well as statistics on business demographics throughout the pandemic.
The Survey and Review results can be found here.
Thematic overview of the Coronavirus (COVID-19) pandemic between March to October 2020
Also just published, the full overview of the Coronavirus (COVID-19) pandemic and how our data and analysis has been able to provide insight and understanding of the impacts of the pandemic on health, society and the economy. By bringing all the information together in one place, you can see a narrative of how society and the economy has been impacted and responded so far for the period March to October 2020.
Full overview here.