Today the Government ramped up its economic package to help business.
The measures announced today include:
Govt will, via grants, fund up to 80% of employees wages up to £2,500 a month
The Govt wage subsidy will apply from 1st March and apply to staff already laid off and will last for 3 months.
Payments for the current VAT period are being differed.
The Business Interruption Loan Scheme has extended the interest free period to 12 months Sole Traders can get Universal Credit to the same level as SSP
Universal Credit allowance increases £1,000 a year
Next tax self assessments will be deferred until the start of next year (January 2021)
There’s some hefty measures announced, obviously the measures are aimed at the hospitality industry but there’s something for everyone and it’s already been announced that there’s more measures to come.
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