COVID-19 Update – 2 November – Further Economic Support

People and businesses will be provided with additional financial support for the next phase of the government’s response to the coronavirus outbreak.  Business premises forced to close in England are to receive grants worth up to £3,000 per month and to give homeowners peace of mind, mortgage holidays will no longer end.

Mortgage Holidays

Mortgage payment holidays will no longer end on 31/10/20. Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday, and those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file. Details expected later today.

Business Grants

Businesses required to close in England due to local or national restrictions will be eligible for the following:

• For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
• For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
• For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.