Chancellor Rishi Sunak has agreed more funds for businesses

Chancellor Rishi Sunak has agreed to “go further” to support local businesses and the self-employed to support them through the winter period.

SPEAKING today October 22, the chancellor set out the plans announcing that cash grants of up to £2,100 a month will be available to businesses that find themselves in Tier 2, he also said that this can be backdated to August.

Self-employed can apply for grants up to £3,750  and can claim 40 per cent of their average profit.

He has also made changes to the Job Support Scheme saying that employees will now only need to work 20 per cent of their normal hours and employers will now only need to contribute 5 per cent towards their pay.

The announcement comes as it was announced that UK businesses have borrowed a collective total of £60 billion in Covid-related relief. Sunak confirmed that the scheme will available at all alert levels.

He said, “So businesses that are not closed but face higher restrictions – in places like Liverpool, Lancashire, South Yorkshire, and Greater Manchester as well as the devolved nations – will be able to access greater support.”

He continued “It is clear that even businesses that can stay open are facing profound uncertainty.”

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