- Job Support Scheme: Effective from 1st November 2020, the employer has to provide at least 20% of usual working hours to the employee. Out of 80% unworked hours, 61.67% will be contributed by the Government up to a ceiling of £1,541.75. The employer has to contribute minimum 5% of the unworked hours. In substance, around 73% of wages will be received by the employee.
- Self-employed Grant: The chancellor has increased the grant from earlier 20% of monthly trading profit to 40% of monthly trading profit. The maximum quarterly grant will be £3,750 in comparison to earlier £1,875.
- Local Authority Business Grant: Available to hospitality and tourism sector, £934 pm if the ratable value of the property is £15,000 or under, £1,400 pm if the ratable value is above £15,000 and under £51,000 and £2,100 pm from £51,000 and above.
How to apply Coronavirus Bounce Back loan
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan
