The days are getting shorter and the weather is getting colder. But we’re also experiencing a second coronavirus wave and more lockdowns on top of the usual expectations for the upcoming season. If you are self-employed or own a business you might need to consider getting some help to ensure you stay afloat this winter. Find out what is available to you.
This does not constitute advice and advice should be sought in all instances before acting on it.
We all know that most doctors and other frontline healthcare workers have been working tirelessly throughout the pandemic. There are also a number of professionals worrying about their healthcare businesses or self employed status.
Let’s take a look at what financial help there is available this winter.
Furlough Scheme Update
The Coronavirus Job Retention Scheme (CJRS) has been extended an additional five months until the end of March which is a major win for millions of people across the nation who have feared for their livelihood throughout the pandemic. Employees will receive 80% of their current salary for the hours they were not able to work.
SEISS Update
Already previously extended for a second time, the Self-Employment Income Support Scheme (SEISS) has been granted another extension. The third grant will cover from 1 November 2020 to 31 January 2021 calculated at 80% of average trading profits, up to a maximum of £7,500. The government has already announced a fourth grant to cover February through April 2021 with details still to come.
Additional help
- If your business is closed, cash grants of up to £3,000 per month
- Government-backed loan schemes and the Future Fund will be extended and Bounce Back loans can be topped up
- Mortgage payment holiday extension
Seek help to secure your financial plan
The government has done a lot to help towards recovery this year, and they are now keeping that commitment by furthering support to help businesses get back on their feet. This assistance should also provide some sense of security and certainty needed in coming months. However, there are many who fall through the gaps of these schemes.
If you need help working out your and your business’ financial plan, speak to us today.
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