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Winter economy plan

  • The new Job Support Scheme (which replaces the Furlough Scheme) will be introduced from 1 November 2020 and will run for 6 months.
  • An extension for the Self Employment Support Scheme for the period November 2020 to April 2021
  • Hospitality vat reduced rate of 5% will run to 31 March 2021 (previously 12 January 2021)
  • Bounce back loan has introduced a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses.

Further details for the above can be found in the link below:-

https://www.gov.uk/government/news/chancellor-outlines-winter-economy-plan?utm_campaign=677600_FindBusinessSupport%20-%20COVID-19%20Updates%20116&utm_medium=email&utm_source=Scottish%20Enterprise&dm_i=4X7B,EIU8,3QL1OW,1OV1U,1

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