• New Jobs Support Scheme will be launched for employees working at least a third of their normal hours, who are being paid for that as normal. The government and employers will jointly increase their wages to cover two-thirds of their lost pay and the employee will keep their job
  • All small and medium-sized businesses are eligible, but larger businesses must show their turnover has fallen during the crisis. Employers can use it even if they have not previous used the furlough scheme it replacesIt will run for six months from November
  • The existing grant for self-employed people is being extended on similar terms to the Jobs Support Scheme
  • A “pay as you grow” scheme was announced for businesses, allowing them to extend their bounce back loans from six to 10 years, reducing their payments
  • Businesses can also move to interest-only payments or suspend repayments for six months if they are “in real trouble”. Credit ratings will be unaffected
  • The government guarantee on Coronavirus Business Interruption Loans will be extended to 10 years and a new successor loan guarantee programme will be announced in January
  • The temporary reduction of VAT from 20% to 5% for some sectors will remain in place until 31 March 2021

https://www.bbc.co.uk/news/live/world-54273738

About Eirlys Jones

Eirlys is the Head of Operations at North Wales Tourism and can be contacted at eirlys.jones@nwt.co.uk or connect with her on LinkedIn you can also follow her on Twitter @EirlysJones5