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Lockdown 2.0 – how will the Government support agricultural businesses?

The Government is continuing support to help businesses and employees through the second lockdown.

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Lockdown 2.0 – how will the Government support agricultural businesses?

The furlough scheme announced in March had been due to finish at the end of October.

 

Chancellor Rishi Sunak has now announced an extension of the scheme until the end of March.

 

The scheme pays workers 80 per cent of their current salary for hours not worked up to a maximum of £2,500 a month. Reduced payments will also be made for December and January.


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Mr Sunak also announced a more generous scheme for the self-employed.

 

The Self-Employment Income Support Scheme (SEISS) will be increased, covering November to January calculated at 80 per cent of average trading profits, up to a maximum of £7,500.

 

The support is available for self-employed individuals whose business cannot operate in the second lockdown or have suffered reduced demand because of the virus.

 

Closures

 

Mortgage holidays of up to six months are available and those who have already started a mortgage payment break will be able to continue the arrangement for up to six months in all.

 

English businesses forced to close – including those in rural hospitality - during lockdown 2.0 can claim grants of up to £3,000 a month under the Local Restrictions Support Grant.

 

Payments are based on their rateable values. Scotland has a Coronavirus Restrictions Fund which offers business support.

 

Local authorities will also be able to award one-off payments to businesses in their area from a national £1.1 billion fund.

 

Bounceback loans of between £2,000 and £50,000 based on up to 25 per cent of turnover are available until January 31, 2021.

 

Loans are 100 per cent guaranteed by the Government with no fees for the first year and then an interest rate of 2.5 per cent.

 

Larger loans are also available depending on the needs and structure of the applying business.

 

More details of the support can be found here: gov.co.uk

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