Government unveils increased support for businesses in tier two
With more areas moving into tier two lockdown, the Chancellor Rishi Sunak has unveiled increased support for those jobs affected.
With the current Job Retention Scheme set to end this month, there are some big changes available from November. Under the amended scheme, employers will pay less and staff can work fewer hours whilst the Government has doubled their assistance. This is to provide support to businesses that have been forced to shut due to moving into tier two.
Following the Winter economy plan, those businesses in tier two will now benefit from the Government funding 62% of the wages for hours not worked, up to a maximum of £1,541.75 per month. The scheme will be available to businesses who can demonstrate their revenue has been impacted by Coronavirus restrictions.
The self-employed scheme has also been doubled from 20% of profits to 40% of profits, with a maximum grant of £3,750 per month.
Further support aimed at the hospitality and leisure sector has also been launched, English councils will be able to provide grants of up to £2,100 to 150,000 hotels, restaurants and B&Bs.
Sean Daniel, Managing Director said, “With more businesses being affected by tier two restrictions, we welcome this announcement from the Chancellor to provide further support”.
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