Winter Economy Plan update

The Government have been listening and responding to feedback. It has announced it will increase the generosity and reach of its winter support scheme to ensure livelihoods and jobs across the UK are protected through the difficult months ahead.

The Self-Employed Income Support Scheme (SEISS)

The Self-Employed Income Support Scheme (SEISS) has been extended for 6 months to April 2021 and has been increased from 20% to 40% of the previous earnings. The grants are available to those who are self-employed and fit the below criteria:

• Already eligible under SEISS (even if they have not claimed in the past).
• Actively continuing to trade.
• Facing reduced demand due to COVID-19.
• There will be a grant covering the period from 1 st November 2020 to 31st January 2021. There will be a further grant covering the period from 1 st February 2021 to 30th April 2021.
• Each grant will cover 40% of average monthly trading profits and capped at £3,750 in total.

Business Grants

Additional funding will be provided to Local Authorities to support business in higher tiers of local lockdown.

There are two sets of grants are available for business in England:

Grant 1

Is aimed at businesses in the hospitality, accommodation and leisure sector which are not closed but are severely impacted by Covid-19 restrictions.

Key points:

• It will be funded through local authorities (LA).
• It will support businesses in high alert areas which are not closed but are severely impacted by the Covid-19 restrictions on socialising.
• The grants will be available retrospectively for those areas who have already been subject to Covid-19 restrictions.
• Properties with a rateable value of £15,000 or under – grant of £934 per month.

Grant 2

Is aimed at businesses who have been forced to close due to the Covid-19 restrictions being imposed upon them.

Key points:

• Small businesses who have been affected and have a rateable value of £15,000 or below can now claim a grant of £1,300 per month.
• Medium-sized businesses who have been affected and have a rateable value between £15,000 and £51,000 can claim a grant of £2,000 per month.
• Larger businesses can claim a grant of £3,000 per month.
• The grant will be payable every 2 weeks and paid in arrears.