Winter Economy Plan – 24 September 2020 HIGHLIGHTS

Winter Economy Plan – 24 September 2020 HIGHLIGHTS

• A new Job Support Scheme, primarily targeted at small and medium employers, will be introduced covering employees who work at least one third of their normal hours
• The Chancellor confirmed that the furlough scheme will end on 31 October.
• The Self-Employment Income Support Scheme (SEISS) will be extended to April 2021, with a revised basis.
• The closure date for the four existing business loan schemes will be extended to the end of November.
• Repayment terms for the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBLS) will be relaxed, with the maximum term extended to 10 years.
• The reduction in VAT to 5% for the hospitality and tourism industries will be extended to 31 March 2021.
• The deferred VAT and self-assessment payments due early next year can be repayable in instalments rather than as a lump sum.

Our full brief can be downloaded by clicking winter economy plan.pdf