Job Support Scheme extended by Rishi Sunak

Job Support Scheme extended by Rishi Sunak

Job Support Scheme extended by Rishi Sunak

Chancellor announces £22 billion package of aid for businesses affected by new covid lockdown restrictions.

Rishi Sunak promised grants of up to £2,100 a month for ‘Tier 2’ companies that are not forced to close but are struggling to be commercially viable.

As many as 150,000 businesses could qualify for the payments, which could cost the Treasury £1.2billion.

The new Job Support Scheme replaces the furlough and will be extended to firms that are legally allowed to open.

It will be more generous allowing employers to pay just 5 per cent of staff wages, while the minimum threshold for hours worked will be reduced to one day.

If an estimated two million people enrol, it could cost the Treasury £6billion.

Mr Sunak also increased grants for self-employed workers to 40 per cent of the average profits, up to a maximum of £3,750 a month, which could cost about £3billion.

Government borrowing was revealed to be running at £1billion a day during the pandemic.

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Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

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