What Financial Support is Available for Beauty Businesses In the Second Lockdown?

Boris Johnson has announced last week 31/10/2020) at the Downing Street Press Conference that all non-essential businesses are to close in England for a month long national lockdown starting from the 5th of November, with a review date of the 2nd of December.

So what support will be available for beauty businesses?

1. Furlough

   The government’s Coronavirus Job Retention Scheme – also known as the Furlough scheme – will remain open until December, with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500.

2. Local Restrictions Support Grant

   Business premises forced to close in England are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant. £1.1bn is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly.

3. Mortgage Holidays

   Mortgage holidays which were planned to end on the 31st of October will not end that day. 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.

4. 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 £2000 per month, or £1000 per two weeks;

   • For properties with a rateable value of £51k or over grants to be £3000 per month, or £1500 per two weeks.